Below a reference table of the state of play for MRE for Aussie clay REE explorers. IXR included as it is the bench mark being at DFS level.
If VTM can put together something at 100 mt that would be good in comparison to AR3 at $45m mcap. More importantly though, is the grade. IXR's DFS has shown it is barely economic at current REE prices at 640 ppm with low cost African processing, I think 800 ppm will be a struggle too in Australian cost climate. A MRE with around 1000 ppm TREO would be a huge bonus.
VTM General Discussion, page-229
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