General discussion (MEI), page-526

Tend to agree. Also bullish on the company but those timelines are in my view are wildly optimistic... Rather be conservative than make assertions without some reference to support it.

From having actual discussions with the MEI team, 2023 is the timeframe for resource delineation (not reserves as far as I'm aware) and the supporting metallurgical work to then delineate a working process sheet. That's not a quick process to do all that.

From there, feasibility studies need to be completed which depending on the level of detail targeted could be 6-18months depending on whether it's straight to a DFS or a SS/PFS. You don't just get 150m usd to build a mine on a whim. (noting they don't know how much MEI will cost without building a process sheet to suit)

I don't think it's smart to try and walk before you can run. Theres a few companies that tried to become a rare earth miner before it done the front end work and ended up a bit of a basket case (one in Canada and the other ended up delisting)

MLA in place for mining clay. These make amendments or future applications quicker, but still need to go through the requisite changes when/if the quantity of material being mined alters. I haven't confirmed what the MLA's are approved for yet. Additionally when you build a processing facility that's a different application again.

I'm surprised the ESIA has not been mentioned or referenced. Been hearing about that for 3 years on other threads even after its completion about its importance. This also not a quick process or assessment to complete. if MEI opt to leach via tanks it's obviously a contained process but there's still tailings and rehab to consider. It of course can all be done and none of the aforementioned is going to prevent the company from being economical and moving to production.

but it's work and studies that need to be done to proficient detail such that the company can operate profitably and sustainably. In my opinion which is in line with and gleaned from discussions with the MEI team

-2023 will mainly be resource delineation and met work.
-2024 feasibility, ESIA, amend/award mining applications for this project, maybe a pilot plant/offtake
-2025 finance and construction.

If anyone wants to test those rough cut timelines with the company you can. 2/3 years to go from no compliant jorc resource through to finance and construction should still be seen as very aggressive and quick timelines. most commodities take 4/5, REO (mainly in hard rock space) are known to take much longer.

serra verde, tantalus, penco, were all more advanced 4+ years ago. Some have been in development for 5-10years which should if anything indicate timelines for these projects in the real world. Yes there's significant historical results to work off, but IMHO (and the company) there's much more than 9 months work before construction can start.

SF2TH