ARU's Nolan REE project is in the news because of a new off-take...

ARU's Nolan REE project is in the news because of a new off-take with German firms

https://hotcopper.com.au/news/asx-news/149050/cashed-up-arafura-locks-in-171m-german-export-agency-deal-locks-in-ndpr-offtake-for-wind-turbines/

Nolans is a hard rock project with strong grades of Nr Pd which is in demand for wind turbines for Europe to reach net zero - which is their obsession.

Tuesday's Exploration Target Ann from AHK included this line :-

"High magnetic REO (Nd, Pr, Dy, Tb) element proportion of 24% of the TREO basket, positioning SandyMitchell as one of Australia’s most enriched MREO deposits."

That is massive - and while Nolans boasts grades of ~ 2.6% TREO whereas Sandy Mitchell grades are lower at ~ 0.15% Monazite equivalent, a quick read of the ARU's recent presentation (link below) shows that comparison of mining and processing required at Nolans is likely to more than boost SM well into the lead.

The HC article also shows the massive government dollars poured into Nolans to get it up for national security reasons.

Meanwhile IMO AHK's PFS, underway as we speak, will indicate the capital required for Admin Blocks, a Village and some nice Sealed Roads, some Sheds and a few doz Gravity Tables.
The rest of the stuff, trucks and excavators etc will be from lend lease.
IMO, and a wild guess is 100 mil would be enough to get it into production - and very scalable. So much so in fact that initial investment could be many times that figure, just because of demand.

Here are some Hard Rock Nd Pr mines for comparison. - ex ARU's recent presentation. https://www.aspecthuntley.com.au/docserver/02811817.pdf