IDA Potential, page-5

Hey mate you're talking hard rock vs ionic clays. IMO you need grades of 15 to 20 times in hard rock vs ionic clays. Rationale is simply your hard rock extraction CAPEX is through the roof vs ionic clay CAPEX and secondly your OPEX are materially higher with hard rock. This is forgetting about the increase environment issues when one processes hard rock eg dealing with uranium and arsenic in your tails etc. And as the REE industry matures investors will understand that comparing hard rock and clay REE deposited is like comparing apples and cement.