Ann: Corporate Presentation, page-24

Exactly right. Easiest way for people to understand is from the table at the end of the presentation.

Essentially a CREO+HREO basket is everything minus La/Ce.
As you can see aside from NTU, IXR has the best basket and arguably IXR could be seen at better as it's quite balanced. Noting that NTU is really solely a dysprosium play in terms of revenue and Yttrium. (a low value element.) So obviously they're hugely leveraged the the Dy market which long term I think bodes well for their economics.



People will note that I have mentioned NTU as the only other hard-rock project which IMO has a unique enough basket such that it will not be competing with the Nd/Pr developers which make up 95% of projects in development. I have stated that about NTU for quite a while now - though the RvR has not yet come to a range where i'd consider investing.

SF2TH