Ann: Resource Definition Drilling to Commence at Yangibana, page-20

Agree in broad terms, and China way out in front, Shenghe, Beijing's intn'l hunter/gather RE recently signed an agreement SOE nuke fuel processor to strip out Th & U from imported RE ores & concentrate prior processing.

That is not going to happen here so we need to consider both the enviro cost of managing off gas, process water, etc and disposal, and clearly the intensity has an impact on that cost in $ terms, which manifests in capital intensity.

Fortunately HAS ore is at the lower end of the scale, below current producer, and both way below the geriatric dreamboat with 2700ppm thorium, massive CapEx & exceptionally high capital intensity.

The fact HAS has relatively low rates of U & Th, that can be managed cost effectively, is a huge plus at Yangibana.