"What makes you think he was referring to you 2ic"... Well,...

"What makes you think he was referring to you 2ic"... Well, there isn't other HAS bear bothers posting pages of negative opinion? My last two posts prior to today were responding to what I consider baits, not simply chanting my mantra. Maybe this is the post you were thinking of..
https://hotcopper.com.au/posts/68260707/single

Did quite a bit based on the erroneous Feb 2022 DFS under the new MRE update thread I think, but that was superseded but he new Staged Development plan and updated opex/capex.

17% of NdPr is lost from the mon-con to MREC process, and then payability on what's recovered to MREC is about 72% of basket value according to recent HAS Reserve Statements. That 28% not payable for the MREC are losses, required to pay for RE-Oxide separation costs (opex, capex, depreciation) and profit for the Seperator. Here is a simple way to look at mon-con operations like the new Yangi plan.

Rule of thumb is 20% losses for low TREO con like Yangi, 20% to cover costs/profits for the monazite cracking partner and 20% for the RE-Oxide Seperator, leaving 40% tops for the mon-con (typically closer to 35% historically but depnds on RE prices and demand for mon-con).

Yangi has 36.6% NdPr in 27% TREO con = 9.88% NdPr in con, or equivalent to 11% NdPr = 'basket value' in con sold to cracking plant. At 40% payable = 4.4% of the NdPr value paid to HAS per tonne of con sold (4% if 36% payable). eg if NdPr-Oxide is priced at US$100/t, a tonne of Yangi con is worth US$4,400/t or A$6,600/t @ 66.6c USD rate.

Yangi Opex after corp costs is a round A$200M annually (based on first 3 years best deposits), and Yangi produces roughly 33,000t mon-con annually, so HAS needs A$6000/t just to cover cash expenses. Interest on $380M debt is about $40M with fees and what not on top, requiring A$7200/t revenue to break even each year, so even US$100/t NdPr won;t tread water, let alone repay debt.

Have a play around with various RE prices required to square the circle, repay debt, generate excess funds for Stage 2, leave enough for more than a zombie company paying insiders and contractors who are always up for more well paid work.

Good luck