Ann: Review of 2022, Outlook for 2023, page-30

I think IXR has had a tremendous year operationally, that hasn't materialized yet in the SP. They are positioning themselves to be the supplier of choice for western manufacturers.

1) the acquisition of Seren was genius, because it does a number of things

a) it allows them to place modular magnet recycling hubs "in-country", so the RE can be recycled in-country. This is a critical step in a Critical Minerals strategy for each country/union. However having the ability to recycle into REO is not enough, we need to be able to alloy and create magnets. Once this is achieved IXR is a critical supplier for the West.

b) it is a great ESG story to be able to handle RE from cradle to re-incarnation

c) they could create a monopsony in the west for magnet recycling as I do not currently know of any other company that has the ability to take multiple grades of magnets and recycle into the separate REO, which can then be blended in different quantities for each magnets secret recipe.

d) Currently China holds the RE supply chain by the balls. They have a monopsony because they hold the refining expertise and they are happy to alloy at a loss (see James Kennedy's presentation below). China is largely being excluded from globalization moving forward because they dropped the crystal vase of trust. So the West desperately need RE mine supply, refining expertise, separation expertise, recycling expertise, alloying expertise and magnet making expertise. Enter the IXR/Seren strategy.

e) many of the current supply problems that are described in detail in James Kennedy's presentation below, could be solved with IXR's strategy
2) the closer we get to the end customer, the more valuable the product and relationship becomes. Tim and co are busy behind the scenes establishing relationships with governments and the in-country supply chains. These things take time, but once cemented they create a sustainable competitive advantage. Sustainable Competitive Advantages are a lead indicator to high valuations. High valuations lead to happy shareholders.

3) the announcement of a USA based refinery in the new year will create substantial interest in IXR from the USA, which I would think will be good for the share price

4) the granting of a ML will also be a substantial milestone that has taken a lot of effort to compile the data for.

5) Tim is establishing a first rate team, with domain expertise, and who are executing to plan. While they cannot control the day to day share price, they are controlling the steps in a very smart and sustainable strategy that could see IXR as a RE supply of choice to western industry.

China will produce 6.8 million EVs in 2022 – almost 7 of every 10 electric vehicles built on the planet this year. China has the capacity, batteries and supply chains to overwhelm global markets with affordable electric vehicles. ( https://www.investors.com/news/china-ev-sales-november-2022-nio-li-xpeng-byd-hopeful-positive-signs/?utm_source=substack&utm_medium=email ). It is also the number 1 car exporter after Japan and will export 2.8 million vehicles in 2022. However things will change over the coming years as western companies scale up, and governments enact policy that will limit dirty supply chains. These western manufacturers will be forced down a non-china supply chain, and IXR are in the box seat to eat China's lunch. GLTAH