Ann: RAREX DELIVERS MAJOR RESOURCE UPGRADE AT CUMMINS RANGE, page-30

Speaking of...

https://www.rarex.com.au/post/independent-report-a-significant-upgrade-to-the-ndpr-dominated-cummins-range-deposit and the report -
https://b61c7e0b-ed43-4605-8a65-97f4facfef40.usrfiles.com/ugd/b61c7e_9ac44a8eca9d478a826eef97328a1d15.pdf

Investment view

We have been digging around the Australian market for ages to find a clean, well valued pre-development rare earths project which doesn’t need telephone number capex to develop. We think that REE’s Cummins Range project might fit the bill.

Progressive rerating of REE should occur as critical hurdles are achieved. These could include:

• Progressive results from the metallurgical studies demonstrating the ability to produce an attractive REO concentrate at reasonable recoveries.
• This, together with a mining study and capex estimates, will form the basis for a scoping study, due before year end.
• Further detail regarding a concentrate marketing outcome and disclosure of payabilities.
• Demonstration that niobium and/or scandium by-products can be monetised.
• Further exploration success.

REE is well funded, with over $4m cash available. This should be sufficient to complete the current drilling programme, advance the metallurgical studies and complete the scoping study.