VMM - Charts, page-32

that's the advantage of not being a hard rock project that needs 1bn in capex and complex processing methodology.

washing clays with ammonium sulphate at room temperature is vastly less complex and vastly less cost intensive. That's why ionic clays produce 90% of HREO globally.

We're years away from production; The value of VMM today is about the potential of future profits and using peer comparisons. By my estimate based on the feasibility studies of other IAC and the data to date. ebitda could be ~75M usd p/a at today's prices.

todays prices pretty much have every other project aside from lynas and Mei underwater. This and Mei have potentially to be 2 of the lowest cost REO companies in the western world. They also won't bleed obscene capex or complex process circuitry or large amount of radionuclides to get there.

80m MC here. 400m MC Mei - both similar projects similar grade similar scale etc Mei is just 6-12 months ahead in terms of development.

not sure why you're using lyc as a yardstick but it's 6bn
ebitda was 370M aud. PE is 16.

in theory a 75M usd ebitda = 114m aud PE 16 = 1.8bn.
But we are years away from being in production and so much stuff to go under the bridge before then. revisit in 3-5years. 1.8bn is a good thumbsuck if we're in production and producing those profits.

SF2TH