Ann: Coburn DFS Delivers Strong Financial Returns, page-4

Without revisiting the whole history, it probably comes down to head grade. Head grade 3% and it's funded 10 years ago. Head grade 1.1-1.2% and it demands a certain amount of scepticism. Simplistically you have to move 3 times as much sand to extract the valuable minerals, that implies a risk factor.

Now what doesn't get fully appreciated is that the HM complex that Coburn has is in fact as valuable, if not more so, than other prospective projects with higher head grade. It's high grade, tests well, mining process should be very efficient being uncomplex. The head grade in the past has meant that the cost of production, whilst very good, hasn't been quite first quartile. I haven't had time to properly digest the announcements yet so I don't know if the FS has upgraded that based on new tech.

Overall my feeling about Coburn is that low head grade makes it hard to sell construction but if they can make that sale then it should be right for the rest of it's mine life. Certainly it's always had interest from potential end users including Chemours.