Red Metal Banter, page-453

Nice to see you here. I wanted to give more detail but didn't wanna cross promote across the pond.

My initial purchases here were under 10c when I got the sybella upside for free, with the MMA shareholding making up almost all of the value. After I learned more about rare earths (thanks BPP!) and did my own digging + the met announcement I grabbed a bit more because I believe there is a unique confluence of factors here that play the geopolitical angle very well. RDM may potentially sit very low on the cost curve, in a stable jurisdiction, with existing infrastructure and no deleterious elements to cause approval/environmental issues. All of this makes government support far more likely in an environment where they are desperate to have an alternative to china's stranglehold.

I share your concerns about current cash balance, however we are eligible for a number of grants from the QLD and federal governments and are positioned as one of the best companies likely to exploit that. I hope that by the time we would need to raise, cheap drilling will have been done to prove up a resource which if you look at comparable rare earths projects would cause a substantial re-rate. Some of them have resource but no met work and have flown, while we have met work and no JORC resource yet.

In the background, the MMA shareholding is chugging along with great macro behind it.

And then there's the massive landholdings RDM has in both the gawler craton and WA, which are highly prospective for copper. Not super material but free upside and optionality is always good.

What i really like about sybella is you can count on 1 hand the number of projects where it appears everything lines up. Plenty of rare earths projects but how many are potentially going to tick every box? And if you're familiar with rare earths, government support is pretty much needed for it to get off the ground. More boxes ticked = far greater chance of that happening.