Pure Minerals at A$0.019/sh would have a market capitalization of A$16.1M. Our NPV for the NiCo plant ranges from A$47M using the cycle price lows of the last three years to A$585M using cycle price highs over the last three years.

Our view is that Hexagon represents an excellent ‘ground-floor’ opportunity for investors to gain exposure to REE through a lower-risk, more commercially advanced business strategy than a typical upstream REE exploration/development play. The initial commercialisation strategy, targeting licencing the technology, will require relatively limited capital (and thus result in less dilution for shareholders), and will be located in North America

Since rewarding shareholders with a A$0.22/share return of capital and fully franked dividend from the sale of the 30% share in the Springfield JV to Sandfire Resources - Talisman Mining is now concentrating exploration activities on the Cobar Basin.

Navarre is set to commence an expansive drilling program in the Stawell Corridor, which is expected to contribute towards Navarre’s first Mineral Resource.

Altech is now looking to finalise the equity portion of the expected remaining US$380 million finance requirements (which includes an allowance of US$100 million for working capital, debt service etc in addition to the estimated US$280 million remaining project capital costs) - this may include a sale of an equity stake at the Project level.