Really important to understand the global rutile market supply...

Really important to understand the global rutile market supply and demand

The market was in deficit throughout 2021 and prices rallied hard

Then Ukraine went offline 3 weeks ago - they are 15% of global supply - the longer they are out the bigger the supply hole

Rutile is going well over US$2,000 per tonne and maybe to $3,000 per tonne. (Don’t be anchored by historical prices - thermal coal has gone from $70 per tonne two years ago to over $420 per tonne last month).

SVM is the largest source of new rutile supply

Iluka, Rio, Anglo, Tronox, etc will all want it

They will pay ~$1bn for a multi generational world class rutile resource that gives them dominance. Especially as it is a lower carbon approach to Iluka’s high carbon synthetic rutile, or Rio’s (possibly even worse) slag approach

All mineral sands markets are now in deficit - (Ukraine was also 5% of global ilmenite supply) and mineral sands developers with Rutile, Zircon and Ilmenite such as IperionX (IPX) etc - are going to rally hard in this pricing environment once investors fully understand the dynamics