@CORNBRED excellent post, have read through the study myself and can't see where your conclusion is wrong.
Would also be interested in @2ic thoughts on this, especially since this is one of the few he holds. Looks like if you drop Dy Tb overall recovery down to circa 27% matching the leaching results the annual revenue drops from around $201m USD per year to $177m USD per year. Not a project killer but takes the shine off their NPV and IRR. $37m USD less cashflow per year over 35+ year mine life does take a toll on the NPV. IRR drops from ~22% to ~17% but more concerningly NPV8 drops from $682m USD to $438m USD. Very curious what they get back to you with on this one. At a $105m USD mcap against $438m NPV8 there isn't a whole lot of head room for multi bagging here.
Ann: Scoping Study, low-cost, scalable world-class REE Project, page-39
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