General Discussion, page-1275

Hi Szalva. One would think the US (ex GE) is somewhere in the mix that 170% offtake number ARU have been advised - surely if Blinkin is Mongolia last Friday trying to secure REO'S then I would consider ARU have also been approached.

Two problems - without increased production we have no capacity - product available to the US as the company has made it clear their path to finance is through German and Canadian export credit agencies. Mind you I would consider increased production an option to welcome US funding.
Secondly ARU have PrNd only at initial production - perhaps the US have secured their needs for PrNd through Mountain Pass operations - Lynas new US operations in two years time - I think it was PEAK that did a deal recently re concentrate. There is also increased NdPr product coming online through Lynas each quarter and Iluka in 2025 amongst others. I am sure our book runners have engaged with US but have settled on the 3 for now.

ARU appear to be strategically targeting Europe - Asian and Canada through GE - We will not even be able to satisfy those customers. With expected - projected supply deficits to really arrive by 2025 and beyond - it would be an exceptional outcome to bring more capacity in next 5 years to supply above three cornerstone customers - and diversified products should the MINHUB operations develop.