@2ic I know you will be interested in this one, AR3 finally...

@2ic I know you will be interested in this one, AR3 finally released acid consumption rate data after 2 years of testwork.

Consistently 45 kg/t consumption across three composites. But they have very low Al, Fe and Si impurity extractions, so clearly the limestone host rock is driving the acid consumption rate as you correctly predicted.

Average magREE extraction rates 45%, for 45 kg/t acid consumption rate at a JORC head grade of 712 ppm. Economic numbers don't stack up if Nd2O3 <$100/kg IMO.

Let's assume robust forecast REO pricing (not current weak pricing), 100 USD/kg NdPr, 850 USD/kg Dy2O3, 2,500 USD/kg Tb4O7:

• 43% Nd extraction x $100 USD/kg x 121 ppm JORC = $5.2 USD/t recovered in Nd2O3
• 43% Pr extraction x $100 USD/kg x 32 ppm JORC = $1.4 USD/t recovered in Pr6O11
• 50% Dy extraction x $850 USD/kg x 18 ppm JORC = $7.65 USD/t recovered
• 44% Tb extraction x $2,500 USD/kg x 3.2 ppm JORC = $9.1 USD/t recovered
• Total REO recovered in leaching = $23.4 USD/t ore, at 83% payability for MREC = $19.3 USD/t revenue from ore (not including downstream losses)

Acid price of $160 USD/kg (Penco PEA) and 45 kg/t acid addition = $7.2 USD/t ore acid OPEX
Mining cost at an average dovetail strip ratio of 5:1 and 2.2 USD/t for free dig clay = $13.2 USD/t ore mining OPEX

And just like that all revenue is eaten up by just acid input and mining costs for this project at 100 USD/kg Nd2O3, and without including processing OPEX, impurity removal costs, G&A and royalties. Current price is 45 USD/kg Nd2O3.

So if this stock continues to drift down into nothingness, the answer can be found in their data if you care to look.