Thanks for the comments. On OPEX, I have estimated higher for...

Thanks for the comments. On OPEX, I have estimated higher for RDM, as I have been conservative based on what we currently know. This includes drill & blast for all RDM feed ore, crushing circuit for all ore. The rippability data suggests we could bypass both drill & blast and crushing for the first 10, maybe 20 m (2-4 years mine life?), so could take off $2-3/t ore OPEX there, but I'd like to see RDM share some more data before I jump the gun, like comminution testwork. Also RDM current met is pH 1 vs IXR pH 2, which is reflected in the $3/t ore higher reagent OPEX for RDM. So I have been conservative here and RDM management will have a better understanding on OPEX, so don't take this as me contradicting RDM.

For CAPEX, RDM value is actually very low. In this economic model, RDM has double the throughput rate of IXR, but on a capital intensity basis I have RDM at $30m per mtpa throughput against IXR at $35m per mtpa (some scale efficiency for RDM larger throughput). But both of these are heap leaches. If we compare with ionic clay leaching with tanks, we have two data sources in the public domain. 1. Acalara Resources Penco (Chile) 2021 PEA, completed by Ausenco, CAPEX at $170m AUD at 1.7 mtpa, or a capital intensity of $100m per mtpa. 2. Aclara Resources Carina (Brazil) 2024 PEA, completed by GE21, CAPEX at $822m AUD at 9.6 mtpa, or a capital intensity of $86m per mtpa. So two independent sources from independent engineering houses coming in at comparable $100m and $86m per mtpa throughput capital intensity for a ionic clay tank leach. So this is consistent with RDM's claims, for the same 10 mtpa throughput you are looking at CAPEX of ~$300m for heap leach (RDM) or significantly higher CAPEX of $850m for ionic clay tank leaching (MEI and others).

All figures in AUD, assumed AUD:USD 0.70.