Comparisons continued, page-2

@ChinaSyndrome

I will tell the facts (imo) here again. Whether people like it or not.

You are saying "It is almost impossible to find a meaningful comparison with other REE companies as they all have different process routes and styles of deposit" ...

bI don't think comparing PM8 with a gold explorer company has any meaningful at all.

The REE deposits certainly all have different process routes. However majority of them are carbonatite deposits (weathered and fresh rock deposits). LYC, ARU, PEK and PM8 have all carbonatite deposits.

Most of them are trying to set their projects on weathered portion of the deposits where carbonates removed by weathering. (Acid leaching of impure concentrates expensive because of carbonate content.)

So, if you can compare PM8 with PEK, ARU, NTU, etc. There are many other. I will make a peer comparison table later on or you can find some Peer Comparison tables on other explorers presentation.

You are underestimating ARU but they even have DFS atm. Their have a considerable resource of 56mt at 2.6% TREO plus 11% phosphate in that resource. (Or 19.2mt at 3% TREO + 13% phosphate). Also being in Australia is a plus for me btw. Better than being in Angola. That's a very important fact.

The problem with ARU is their CAPEX is 1 billion AUD.
IRR (Internal rate of Return) is low; %17.43% (after Tax)
Pay back period is long; 5 Year ((after tax payback)

When you want to make a realistic comparison you need to go into the details. You can't just about the in-situ value. That has no meaning at all. There are many other factors which will affect the PFS and DFS. They are all very important. PFS and DFS will give you the real picture.

The fact is that PM8 is very speculative at the moment. We need to see the scoping study at least first. Then PFS.

This is a peer comparison from PEK's presentation on Feb 4 2019 if you like. (PEK makes great presentations and gives very good information in detail in their presos). You can find out the CAPEX, OPEX, and all other details on the table. (It's a little bit all though)