Ann: Trading Halt, page-3

here comes FID! but why the cap raise? interensting.

Anyways if FID, lets look at value

here is a chatGPD list, where are we in this?

Company Name	ASX Code	Market Cap (AUD)	Primary Project(s)	Resource Size	Project Status

Lynas Rare Earths

LYC

~$7.2 billion

Mount Weld (WA), Texas (USA)

Not specified

Operational; expanding processing capacity in Texas.

Iluka Resources

ILU

~$5.5 billion

Eneabba Refinery (WA)

Not specified

Refinery under construction; government-backed funding secured.

Arafura Rare Earths

ARU

~$250 million

Nolans Project (NT)

Not specified

Final investment decision made; construction underway.

Hastings Technology Metals

HAS

~$300 million

Yangibana Project (WA)

Not specified

Construction commenced; aiming for first production in 2025.

Northern Minerals

NTU

~$200 million

Browns Range (WA/NT)

Not specified

Pilot plant operational; seeking funding for full-scale development.

RareX Limited

REE

~$20 million

Cummins Range (WA)

Not specified

Advancing through feasibility studies; significant resource expansion potential.

Australian Rare Earths

AR3

~$62 million

Koppamurra Project (SA)

Not specified

Early-stage exploration; promising ionic clay resource.

Meteoric Resources

MEI

~$50 million

Caldeira Project (Brazil)

Not specified

Maiden resource estimate released; high-grade ionic clay deposit.

Lindian Resources

LIN

~$100 million

Kangankunde Project (Malawi)

Not specified

Drilling results indicate significant mineralization; development planning ongoing.

Peak Rare Earths

PEK

~$42.25 million

Ngualla Project (Tanzania)

214.4 Mt @ 2.15% REO (4.61 Mt REO); Ore Reserve: 18.5 Mt @ 4.8% REO (887 kt REO)

Bankable Feasibility Study completed; advancing towards final investment

Lets look at Arufa / Pensana / Hasting / Mkango

	Company Name	Ticker Symbol	Market Cap (AUD)	Market Cap (USD)	Exchange
1	Arafura Rare Earths Ltd	ARU.AX	468.22 million	~305 million	ASX
2	Pensana Plc	PRE.L	~101.75 million*	~190 million	LSE
3	Mkango Resources Ltd	MKA.L	~62.20 million	~116 million	LSE
4	Hastings Technology Metals	HAS.AX	60.44 million	~39 million	ASX
5	Peak Rare Earths Ltd	PEK.AX	42.25 million	~27 million	ASX

	Peer Company	Target Market Cap (AUD)	Required PEK Share Price (AUD)
1	Arafura Rare Earths Ltd	468.22 million	1.33
2	Pensana Plc	190 million	0.54
3	Mkango Resources Ltd	116 million	0.33
4	Hastings Technology Metals	60.44 million	0.17

All of the above is ChatGPT but you can see - we are bigger than Arufa in proven, they announced FID last yeast July and our grade is much better than Arufa.

PEAK should be $1.33!

Big call