Ann: NTU Browns Range Heavy Rare Earth Pilot Plant - May Update, page-13

Look to the quality & quantity of resource and reflect mine life in context of the CapEx required to unlock the value add to oxides.

Already extremely short 11yrs for CapEx ~ $400M and based on very high recoveries of ultra low in-situ grades Tb 0.008%, Dy 0.053% & Lu 0.004%, with the 3 additions to the original resource grading < 0.3%, spread over 6 patches, and much will require the additional cost of UG mining.

There has been no effort over the years to improve the quality of JORC in either Reserve or Resource, all rated Probable rather than Proven, and Indicated & Inferred rather than Measured, nor has any effort been made to mark the JORC back to mkt prices. Refer to the 2015 Mt Weld update where Lynas marked the Resource & Reserve back 50% in assumed selling price, and note the high proportion qualified as Proven & Measured.

Even at twice current Dy values this skinny little resource would struggle to justify the CapEx required, exactly why mentions of "LRE" & "alt tech" are now finding there way into the glossies.

And I know exactly who they will try and hook up with.