IXR Charting & T/A, page-39

51% ownership to be achieved within the next 2 months as quoted by Tim is recent presentation.

he also specifically called out a staged profile to production and the intent to expand the production profile using the profits from the plant itself. 51% in this instance is actually okay because of the very low capex required. expecting less than 15M for a stage 1 which when your market cap is circa 30-50M is not hard to secure. could be easily done as debt for offtake.

compare this to other rare earth plays who need 500M in capex with market caps a fraction of that.

I.e. I expect dilution to be minimal as we move through to production. low capex is a huge hurdle rate. given the modular arrangement that is presented for IXR makes me confident they can go from exploration to production. most hard rock stop at the development stage because no one wants to spend 2bn building the next Lynas which is as marginal at best.

also remember BFS moves them to 60% which IMO they are fully funded for.

51% by November. question is what the company worth then. I expect people to buy up towards November in lieu of this. if it's factored into the price already then they are suggesting makuutu is worth 24M AUD or 45M at 100% ownership. biolantanidos is smaller, lower grade, thinner, more overburden etc etc and was privately taken over for double than figure 12months ago when rare earths weren't as hot.

expecting $1 is silly. but IMO NPV at full production is around 700M at 60% ownership close to 400M. that's 20 times the current market cap. with minimal dilution that's the upside IMV. I hope ixr still own it whilst in production generating 100m annualised profit P/A imo, but I think someone will target us hard before then.

SF2TH