Cummins Range Project

Stage: Engineering

1. Australia's largest

Largest undeveloped RE project

1.6M tonnes of magnet rare earths
24M tonnes battery grade phosphates
Expansion potential through near mine anomalies

2. Re-rate step underway

Mid-feasibility study with a focus on offtake

Offtake focus for project validation and study inputs
Approval pre-requisites complete
Supply chain de-risked.

3. Favourable among peers

Benefits of a simple value chain

Largest LOM production forecasts
Lowest cost development for highest output
Very low in U and Th in the resource.

Australia’s largest

undeveloped RE project...

Outcropping HG resource
44Mt at a 1% TREO
Within total of 524.3Mt @ 4.6% P205, 0.31% TREO
1.6M tonnes contained TREO; 24M tonnes contained phosphate

...in a potential carbonatite swarm

“Cummins Range has become Australia’s largest undeveloped Rare Earth deposit”

Cummins Range

Flagship Snapshot

Positive project momentum

Scoping Study forms the basis

NPV8 post-tax: AU$ 333M

IRR post-tax: 27%

Total Capex: AU$ 350M

EBITDA: AU$ 1.5B

Offtake to drive a re-rate

Positive metallurgical results
Product samples being made

Supply chain de-risks development

Existing minerals corridor
Access to bulk loading

Surveys initiate approvals

Baselines complete with no significant environmental hurdles
TO agreement well developed with positive alignment

Next steps

  1. Metallurgy in collaboration with offtake
  • Product samples being made
  • Down stream parties under NDA

2. Secure strategic offtake partner

  • 3rd party product testing leads to offtake deal
  • Offtake deal validates project

3. Feasibility engineering

  • Significant work completed in house
  • Supply-chains 3rd parties provide cost certainty

“this new resource reframes the project as one of Australia’s most significant rare earth projects”


Non-Executive Director

Cummins Range

comparisons

Forecast production comparable with peers

Scoping study modelled 31.7Mt @ 0.7% TREO from Cummins Range 

Low capital intensity

Efficienct of capex deployment – AU$ 350M capex 12 ktpa TREO and 169 ktpa of PO

One of the lowest radionuclide deposits

Mineral concentrate well below DG limit, safer operation and product transport