Not crystal-balling anything. I didn't give any figures. I'm...

Yes, that is possible and makes sense, since they are in close proximity.

The point is that you can't just say (example figures only) we have 100Mt @ 2.5% REE, of which 30% is NdPr, calculate the total amount of NdPr in the ground, and then multiply that by the market price of the final product. It might sell for 50K per tonne, but DRE might only see 10K of that (again, just an example figure) due to costs & losses of material at each step. It has to be a worthwhile profitable exercise for all involved.

Not crystal-balling anything. I didn't give any figures. I'm just saying not to get overly enthusiastic based on the price of the final product alone.

For example, VML recently did a test run at their brand new extraction plant where they were able to recover 75.2% REO in a single pass, as opposed to a theoretical 90.4% that a lab achieved. So there's room for improvement there. If you're losing 20%+ of your mined product (post-sorting) during a single stage, then you automatically have 20% less value out of your resource. In that case, 50K/tonne instantly becomes 40K/tonne. OR you could still say 50K/tonne but you have 20% less overall resource. Same thing.

Mining and sorting is easy to do on-site. You can even have an extraction plant nearby to concentrate the product, but that concentrate then has to be shipped to a specialised refiner to be made into the final pure product so there's a lot involved there.

It's pretty much impossible to work out how much value their resource truly holds as any agreement with a partner will have to be negotiated and that will be based on the factors that I listed where losses are incurred.

And yes, it looks very good. Almost too good.