ARU - Till Year end 21, page-59

Not at all, I've commented on this previously, only hard rock resources with exceptional economics will likely be viable as by-product from the enormous mineral sands resources come on stream, really don't care what you think, it's going to smash you very shortly.

LCM recognised it Friday in their rather ambitious UK magnets study, they KNOW they have to get a source of NdPr well down under Chinese VAT prices:

"The study also proposes that rare earth raw materials for the magnet plant are sourced as byproducts from mineral sands, making the inputs much cheaper compared to new rare earth mines."

https://www.euronews.com/next/2021/11/05/uk-britain-rareearths-magnets

Ian Higgins is a VERY experienced downstream player with an acute understanding of downstream economics, but then your school teacher is going to even struggle with Humpty Dumpty.

Inevitably you guys will all go and run and hide from that lot but you can't escape, reality due in pending REO/mineral sands feasibility H1 22, better get all those offtakes stitched up next few weeks, although maybe all these people are talking already, the feasibility certainly not coming from a 2 bob spec shrinking violet, who incidentally also have a nice letter from the Govt.