I agree with the aforementioned comments. Whilst just over 4...

I agree with the aforementioned comments. Whilst just over 4 quarters worth of funding is tight, it'll be enough to see VML turn cash flow positive.

Current rare earth prices have added $6,200,000 per 1,000t onto the profit. Now given that 1,000t pa is the minimum, that's a nice bonus towards funding stage 2. However, I suspect VML will end up producing 1,500-2,000t pa over the next few years as additional off-takes come online.

By 2024-25, when VML is producing 5,000t or greater, that'll be an extra $31,000,000 pa. Or ~$62,000,000 if my ~10,000t pa estimate becomes reality (REEtec, SRC, ucore? / other?).

Provided RE prices continue to trend upwards this decade, as RE supply vs demand is bottle-necked around 2025-2030, VML's timing in the market is near perfect. Couldn't be happier with the continual progress being made. On track to date.



$48.70/kg or $48,700/t.