Part of the challenge of comparing projects is that quite a few companies don't report the individual rare earth grades in their JORC. So not so easy to do such a comparison, although it is warranted. Only 4 REE elements really move the needle based on supply demand going forward and current pricing - Nd, Pr, Tb and Dy. As such, we should actually be comparing sum NdPr and DyTb grades in these JORCs, as for some resources worthless Ce and Y are providing filler and bumping the overall TREO grade.
The other nuance is Tb is worth 15x Pr on current pricing, so you need to correct the grade for REE pricing. A high Pr, low Tb deposit would look better on a sum Nd+Pr+Dy+Tb basis but actually be worth less per tonne ore than a high Tb deposit.
From Damien Krebbs, principal consultant in REE at Primero Group:
@Suni current sub 20c pricing starting to look attractive for a re-entry?
Ann: NORTH STANMORE INITIAL MINERAL RESOURCE ESTIMATE, page-70
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