SUM next WA1, page-981

RDN hit a MC of some $180M a few months back based on some promising rock chip results and nearology to Azure who had a Li discovery & subsequent takeover....no drilling.

It has since halved down to a $90M MC approx based on the fact drilling is still a month or 2 away and there is really no further imminent news of note.

They have billions of SOI and a stack of options (listed & unlisted) on the table.

I raise this not as a direct comparison but as evidence that they got to a $180M MC yet they are primarily focused on Li which atm as a commodity has lost its shine significantly and the Li price has tanked. And as you point out there are hundreds of junior Li companies on the ASX.

Compare that to us.

As others have stated we are a first mover in Brazil with super hot ground over several projects. Brazil is essentially REE paradise - a perfect, mineral rich, high grade, low cost & mining friendly juristiction.

We are focused on Nb, Ta, Li & also U. Not just Li.

There aren't many ASX companies you would call 'peers' in our space and with nearly as much potential. That's fact.

So to answer your question...if RDN can hit a $180M MC purely on Li rock chip results and nearology....if we do announce decent Nb and / or Ta rock chip results that are high grade or better....with our low MC, overall project portfolio and tight cap structure....You could very easily lodge a valid case that we 100% deserve to be somewhere around that RDN MC too....as a base case, that is.