Ann: Sybella Drill Assays Confirm New REO Discovery, page-74

I appreciate you taking the time to provide a solid rebuttal to my calcs (as opposed to just calling me a downramper).

NdPr ppm and g/t or mg/kg are directly interchangeable, the density of the underlying elements is not relevant. See direct from US EPA below to support this. Therefore your implication that the average NdPr grade in these drill holes isn't 0.33 kg/t but actually 1 kg/t is wholly incorrect.


I will be nice and use your AUD:USD of 0.58, and therefore NdPr price of AUD$125/kg. At 0.33 kg/t, 80% recovery, 75% payability in MREC, we have $125/kg x 0.33 kg/t x 80% x 75% = AUD$24.75 revenue per tonne ore mined.

Less your low end $10/t crushing cost. Less your acid cost $14/t (supported by their ANSTO testwork 40 kg/t acid plus $350/t acid cost).

Revenue $24.75/t ore - $10/t ore crushing - $14/t ore acid cost = $0.75/t ore margin. Still need to remove mining cost, directors salaries and we haven't paid for a cent of capital yet, so it isn't looking great here.

Agree the drilling suggests this could be a monster resource in the billions of tonnes, but if it loses money per tonne, then the size just makes it an even bigger cash furnace!