This is blantant downramping and rumour mongering. You have made an assumption to fit your narrative. They have simply broken out the magnet purchase costs so that the processing opex can be easily seen. It clearly states that operational costs include the magnets and swarf. You know very well that NPV's include all cashflow in and out.
Ann: FS DEMONSTRATES PROFITABLE MAGNET REO BUSINESS CASE, page-58
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