You are rgiht with your numbers keepingitril ,but you may be...

You are rgiht with your numbers keepingitril ,but you may be overlooking a fundamental difference on your timeline.
AR3 have delivered a significant inferred resource in under a year contained in shallow clays.
This is potentially massive and of world significance because it is the same geological setting as in China.
And it looks as if they have uncovered a new rare earth province close to infrastructure.
Proving reserves will be much easire than with hard rocvk projects and the plant process is much easier than for NTU and HAS.
What I look for in resource projects is the capex and potential return on investment.
If you look at the scoping study done by Ionic Rare Earths on its Uganda project,(probably the best and easiest reference) ,they quote
an all up cost of $US12.50 a tonne for a scraping and leaching process.Inital capex for a 2.5 million tonne a year mine was around $US85 million.
Apply the same for what AR3 has turned up and based on the inferred resource you have an 18 year project that could pay back in 18 months!
The AR3 project is relatively close to the Murray Basin mineral sands mines.
Don't be surprised if the AR3 project does not move along very quickly and an entire new province is uncovered.