Ann: Carbine to acquire the Sandbox Silica Sands Project, page-27

its a balance isnt it.
You have a better insitu quality as M, and can achieve the higher spec glass market, higher $$$, noting still need some capex to filter out the trace elements to low FE etc, but you also have to consider the logistics, in the overall margins. How far to port and is infrastructure in place. What capex spend at port facilities ? how far from port to customer.

Theres no question. M is a superior insitu resource.
Its then, can you get all the approvals in a timely manner.

Now consider having a second asset, lower spec product, that you can get approvals and operating faster to market. That might give you cash assist, in developing other assets.

Its all a race really for all these sand developers, who gets approvals and gets all the boxes ticked first.