Ann: Presentation to AIG Rare Earths Discussion Forum, page-13

It is very difficult to say positive or negative because we don't have a scoping study to look at the economics (we can only do some offline calculations as a best guess), and no Aussie REE clay explorer has released one either.

In my opinion, the technical factors that are important for a Clay REE project are (in no particular order):
1. Grade
2. Continuous width
3. Depth ([total depth -width]/width = approx. strip ratio)
4. Beneficiation (upgrade % & recovery)
5. Leach REE recovery average across the resource

6. Acid consumption rate average across the resource & acid type (HCl vs H2SO4)
7. Impurity (iron & aluminium) extraction - each unit of iron/aluminium needs expensive reagents to remove before making REE, and takes some REE with it (losses). This is a factor many are glossing over.

No ASX clay explorer/developer has provided us all of the above. HRE has provided 1, 4, 5, 6 which isn't bad. Very difficult to compare but the fact that HRE chose to provide acid consumption rate does suggest that they are pleased with their number. The fact other players know it, but don't share it, is a huge red flag to me.

Size of resources doesn't matter IMO as if it is negative $ to process each tonne than a 1 Bt resource will be just as useful as a 1 Mt resource since both with be cash flow negative. Small and high margin will be first to the finish line here.

More to come in this space and I will be watching closely as they all share more information.