Ann: BREAKTHROUGH REO LEACH TESTS ON SYBELLA, page-3

We might have a rare earth heap leach project on our hands!!


From a previous post, why heap leaching could be a game changer for Sybella:
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1. Tank leaching: Mine, [unique to Sybella - crush, grind (?)], tank leach followed by filtration then the standard downstream impurity removal and MREC production for sale with 70-90% payables on REO benchmark pricing. Aclara (and MEI, AR3, most others) are pursuing this route as heap leaching clay is very difficult. Aclara have completed a 2021 PEA with Ausenco, well worth a read - TR_PencoModulePEA pp0-62.pdf
Tank Leaching CAPEX - Aclara's capex was $119m USD for a 1.7 mtpa plant, or $70m USD/mtpa capital intensity. MEI capex for a 5 mtpa plant at this capital intensity would be in the order of $350m USD (less some scale efficiency, but then add 2021 to 2024 inflation!).

2. Heap leaching: Mine, [unique to Sybella - crush], heap leach, then standard downstream. This flowsheet won't work if they need to grind like how they pulverised the samples in the ANSTO work they have shared, grinding makes the ore too fine to be competent for heap leaching.
Heap Leaching CAPEX - IXR have completed a 2023 DFS on their heap leach, capex was $121m USD for a 5 mtpa plant, or $24m USD/mtpa capital intensity.

Being granite and not clay, they have the chance here to go down the heap leach route, and at nearly 1/3rd the capital intensity of tank leaching a massive opportunity to produce unheard of IRR and NPV numbers for a REE project.
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This is beyond my expectations for when I got in here, we could have a 10 mtpa heap leach a short drive out of Mt Isa all whilst being a globally significant source of rare earths at low cost