I’m with you Fc2020, I see significant value in the expansion of...

I’m with you Fc2020, I see significant value in the expansion of the resource. Note that the DOE Loan is conditional on the Resource and Reserve statements and mine plan incorporating the southernextension to the deposit being updated (Ioneer have commenced work on this already). In addition to this there is also the north basin deposit which is not included in the SSW JV so currently 100% owned by Ioneer (SSW do have an option to buy into the north basin in their JV agreement). Securing permitting is one thing but consider the impact to the NPV if total resource increased especially given that the conversion plant would already be in place. Strategically it would make sense that they withhold the full scale of the mine until initial permits are secured. Also reading between the lines on the loan conditions it would seem the DOE considered the additional resource in the southern extension as being of critical importance to the security of the loan, Ioneer must have intimated the possible scale of this to them during the application process.