I keep a loose eye on most, looking for a project that ticks all...

I keep a loose eye on most, looking for a project that ticks all required variables. Low grade clay hosted REOs (which they all are once averages are compiled between holes over coherent areas) simply don;t have much revenue per tonne to play with. They need to be large tonnage operations to bulk out thin margins per tonne into any meaningful IRR. Caralue def the most prospective ITM project to date, but only sig results are released and without sections it takes more work than I've given to see how continuous and deep the infill drilling hangs together. Obviously there are non-clay and low grades everywhere amongst the high grades.

One expects infill drilling to target the best areas and thus report more lower strip, better grade intersections than first pass. I don;t know if the very good grades are all near the fresh rock interface where recoveries might be much worse than clay higher up laterite profile, or if grades are related to remnant REE minerals from the host rocks? Still a lot of risks to hurdle before considering it this looks even comparable to say a Makuutu, let alone a leach friendly Asian style ICD... My current RE exposure is via monazite in min sand deposits btw