General discussion (MEI), page-4793

In-ground value is a theoretical number which doesn't tell you what it is worth to the company in cash. To get to cash you need to mine, concentrate, process and sell - and those things require a lot of capex and opex. When you have REE of say 3000ppm it means that you are digging and processing 100% of the dirt to extract 0.3%, and then you are de-watering, moving to tailings and probably eventually returning to pit 99.7% of the dirt. Moving a lot of dirt is very expensive, especially if it is clay which expands with water, clogs up processing equipment and generally is difficult to handle at scale