For the first time we have an indication of how much of the...

For the first time we have an indication of how much of the tenement is mineralised to same standard as the well worked up area in Phase 1.

Its 91 sq km - and we have an indication it is ~ 500 ppm REEs + the assorted heavy minerals content yielding a 1300 ppm monazite equivalent content.

Monazite concentrate is their principle saleable product - so it is worthwhile working up an estimation of quantity over this new enlarged area.

We will simply say 91 sq km x 11m thick x 1.3 parts per 1000, and we will take the density of sand as 1.6 tonnes/m3 -- we also take Iluka's value of monazite concentrate at AUD 7,700 /tonne and assume their concentrate is 50% so the price of monazite for our purposes is AUD 15,000 /tonne.

91 x 1,000 x 1,000 x 11 x 1.3/1000 x 1.6 tonnes x 15000 dollars. = AUD 31 billion. (value of the minerals mined and processed and shipped for sale)

Depending on the outcome of a scoping study etc its in ground value may be (say) 5% of that or $ 1.5 billion.

It is pretty clear that value is not recognised on market - implying investors dont think the product can be brought to market - I think it can and 80% confidence level.
I appreciate any contrary views.

GL - this is not investment advice.