reasons to be bullish ntu, page-16

Ausheds,

Thanks for your thoughts.


LYC stage 1 is set to produce 11000 t/pa and stage 2 increases production by a further 11000 t/pa (Total 22000 t/pa)

Duncan has not been factored into either stage 1 or stage 2 - and the output of HREEs is stable between stage 1 & 2

The size of the Duncan resource is 366kt vs 1057kt at CLD.

Assuming LYC develops Duncan and uses the ore as feed, it would be reasonable to assume that annual production from there would be roughly 3000tpa - based on lower grade, smaller tonnage, lower recoveries and limited plant capacity (22kt/pa).

Assuming a 3000t/pa production rate from Duncan, LYC would produce the following:

La 23.9% 717 tpa
Ce 39.0% 1170 tpa
Pr 4.8% 144 tpa
Nd 18.0% 540 tpa
Sm 2.8% 84 tpa
Eu 0.77% 23.1 tpa
Gd 2.15% 64.5 tpa
Tb 0.29% 8.7 tpa
Dy 1.36% 40.8 tpa
Hm 0.21% 6.3 tpa
Er 0.46% 13.8 tpa
Th 0.04% 1.2 tpa
Yt 0.20% 6 tpa
Lu 0.03% 0.9 tpa
Y 5.30% 159 tpa

Dy and Y output is very modest and would have almost no impact on boosting Rest of World security of supply.