Ann: Globally Significant Maiden MRE for Colossus IAC Project, page-143

i will have to dig deeper into the full breakdown later but I will just take your breakdown ,at face value for now.

I think you need to put into perspective that even lynas, despite billions in CAPEX over the years, makes US65m revenue a quarter yet has 6.7b market cap. VMM's estimated ASIC is lower than LYC, even for a smaller scale.

I think the samples I posted are more valid than using the average TREO for the same reason you went on your rant about MEI mining the highest grade. VMM will obviously target higher grade zones first.

The long term basket price will be different to the current prices.