Ann: Vital's Metallurgical Testwork Returns Positive Results, page-37

Totally meaningless without a cost structure, could probably get 35% TREO out of my backyard if the process were repeated often enough.

Hardly "high grade" given Baotou achieves 60% from fresh ore, and even 50% from the tailings, MP sells China 60% TREO & HAS targeting +60% TREO +40% NdPr, VML's 35% TREO con would need to come awfully cheap.

MtW <40% TREO so they keep the cost structure ultra sharp, not far off reprocessing 7% TREO tailings which should be interesting, meantime economics from VML long, long way from established.