My comments were more to outline the time from submission to...

My comments were more to outline the time from submission to approval of the PEPR based on every example I have found over the last couple of years.

Rex minerals wasn't chosen to fit my "narrative". It was simply the only company that went through the process to have the most information on the required process..


My narrative has always displayed RNU as a buy. Unlike MNS which I was clearly saying it was sell all of last year of which you disagreed with nearly all of them but have since come to the same conclusion I had on the company.

like I said to RM8, if you can find other examples. Examples that show that it could potentially be approved in a year or less then I'm happy to take on board that information. I simply commented with examples based what I could research and find thus far and as you say little on graphite except for Archer and Lincoln minerals.

In relation to graphite. It took Archer minerals a total of 12 months for their PEPR to be approved from submission. This only being a PEPR allowing them produce a 60 tonne sample.


My 34-50m comment was a throwaway comment base on inflation. However judging by the pit extensions RNU will now have with the western area becoming included, the pit will cover a very similar area to RXM. Approx a bit bigger than 2km x 1km.

Not only that 60mtpa (rex over 13 years) compared to RNU 6.5mtpa over 40 years. Puts Rex roughly only 65% more material moved. Not 1/10th or 10% as you say. But in theory RNU could have applied for a PEPR relating to only stage 1.

My second comment also relates to strategic minerals having a cost of $3.7m which i would imagine is a project less than 1/10th the size of RNU but you ignored this.

Strategic minerals copper project doesn't include a tailings dam (heap leach). When you take into consideration only 17,000t will be recovered as the PEPR is only granted for for the oxide. It is absolutely tiny and warranted a rehab cost of 3.7m.. times that by ten and you get 37m. More than Rex.

RNU states in its DFS that any rehabilitation costs are not included in its working capital or capex figures. Note rehabilitation costs cannot be included until approval is complete.



land purchase is subject to an independent appraisal.

While Rex is moving a lot more material, the deepness of the pit is somewhat irrelevant. Apart from the increased material and waste which I agree with you on that.

I take it you agree that we are unlikely to see full approval subject only to funding this year as you haven't touched on the main point of my post?

Don't get me wrong im on your side. I am bullish on the company and enjoy reading your posts. But some investors here were expecting the PEPR to be released as early as Janurary this year and were grossly misguided.