Red Metal Banter, page-118

If you look at my post 71684588 above the REE grades (most importantly the magnet REE Nd, Pr, Dy Tb) are significantly higher (around double) than all other Australian explorers, even the hydrochloric acid requiring Esperance explorers. They are lower than MEI, but if you plug in the current REO values and work up a contained $/t you will find that we are 66% of MEI's contained value on grade despite RDM only having about 60% of the headline TREE grade, so we have a slightly better MREO mix. So grade comparing to MEI is one factor, but market caps are completely out of whack on that basis so I don't think grade is holding RDM back.

Don't think it is tonnage holding RDM back, but I am sure many investors will wait for step out drilling and a JORC resource as the grades terminating 100 m N-S from the randomly drilled fence line at Boundary Fence is a risk (a minor one in my opinion, but still a risk). So the maiden MRE or step out drilling data could be a catalyst.

In my opinion, the met is holding this back. See my post 71031065 which highlights the key metallurgical risks in my opinion from the proof of concept ANSTO testing they have completed. I think we need to see all of those risks cleared in the testwork they are doing, as the CAPEX/OPEX cost to heat slurry, fine grind is no joke. I am willing to bet that these risks will fall away with follow up work, but that's a risk I am willing to take at this market cap and valuation given the drilling to date and S tier project location.

Also on top of all that, we need to see stand out Nd, Pr, Dy and Tb extractions to favourably compare our extracted value at Sybella with the other projects. High head grades don't mean much when extractions are poor - see TSX listed Aclara's average extraction of 21% compared to their MEI high head grades as an example where the met is a project killer.

Cheers, BPP.