Red Metal Banter, page-352

Agreed, we will need to keep developing Sybella all the way to scoping study potentially before the market values us alongside MEI (& ARR, ARU, IXR etc). I mentioned my earlier key risks/unknowns prior to the Phase 1 met work in Post #: 71031065 which were all cleared in the Phase 1 results. Going forward, the key milestones (elimination of risks) in my opinion are:

• Follow up Phase 2 met testwork - increased REE extraction (longer leach time?), reduced acid & impurity extraction (higher leach pH?), coarser crush size (reduce crushing OPEX and CAPEX), use of diamond drill core (general derisking vs RC chip)

• Follow up drilling (step out) - how long is it? I think around 1.5 km step out N-S from Boundary Fence East and we have enough resources for a globally significant 10 mtpa project just down to 40 m depth, but the granite is 12 km N-S.. In the favourable Boundary Fence East granite do we have 5 mtpa (MEI scale), 10 mtpa (my best estimate) or 15 mtpa+ (getting to LYC current production rate)?

• Releasing maiden MRE, with enough indicated resources to go straight to a scoping study (that's the infill drilling Rob mentioned in the RIU presentation)

• Producing an on spec MREC with high global REE recovery. No clay project using a leach pH of 3 or lower has produced an on spec (>50% TREO, <0.1% Al₂O₃) MREC product yet. MEI just released their first MREC which met specification (Al looks high at 0.36%) but their downstream recovery looks questionable once you unpack the numbers. Hopefully RDM are as transparent on REE recoveries as they were with the Phase 1 results when it gets time to make MREC.

Bonus points which will improve valuation of RDM but are largely out of management's control:

• Government funding. Looks like Rob is already onto this with a 40-45% R&D rebate on met work, plus mention of a few government pathways. The biggest one I'm watching out for is the Mt Isa transition fund which just opened: https://www.statedevelopment.qld.gov.au/industry/industry-support/mount-isa-transition-fund $30m in funding, maximum $2m per application (multiple applications allowed for different uses). Surely Sybella is a contender here given they will be giving out at minimum 15 grants.

• Rise in REE prices - obvious one but we are currently at very low NdPr prices, well below where both MP and LYC break even. Given the turn in spod pricing and Li sentiment, and similar market demand dynamics for REE, we should see REE prices start to climb again shortly.

Without a doubt, a lot to unfold here in the next 6 months.