aegis report

It's good that it was reported widely:

ARAFURA RESOURCES (ASX:ARU) is flying like an iron ore stock.
Except it's on phosphate.
Yesterday it soared 10c to as high as $1.13 and closed at $1.10.
That's up from 75c at the start of the month.
The company has released initial results from the phosphoric
acid recovery process at its Nolans rare earths-phosphate project.
The rates indicate in excess of 80 per cent recovery for premium
fertiliser grade, which is better than pre-feasibility assumptions.
Recent market trade in this product exceeds $US1,800 per tonne.
"Based on the recovery assumptions in the OFS, the project will
generate revenue of $US575 million per year using current commodity
prices," managing director Alistair Stephens said.
The current operating conditions in the demonstration plant
indicate cost savings may be obtained compared with the PFS assumptions
due to lower heating conditions in both extraction and washing columns.
In addition, the phosphoric acid quality eliminates some
processing functions that had been assumed.
Revenue of $US210m per year is seen from the phosphoric acid and
total revenue of $US575m per year from all products at Nolans.