Ann: Arlington Pre-Daba Presentation 2019, page-2

Some new info in this presentation, they are looking at producing 95,000 tonnes per annum of NdPr concentrate from 1.5mtpa mined at an indicated selling price of close to $US2,000/tonne CIF China.

That's revenue of $US190,000,000 pa.

The difference with Pensana is that they aren't wasting time with a hugely expensive remote refining plant like Peak is trying to do and Lynas have done. They are just going to sell the concentrate to existing processing plants in China.

The big question now is what are the mining and concentrating costs. Given the good grades, easy access and good logistics the margin should be good, but how good?