Ann: High Value Mixed Rare Earth Carbonate Produced, page-10

I don't share the positive sentiment unfortunately.

The MREC is very impure compared to industry standards that sell >50% TREO to separation plants. I assume that the balance is co-precipitated base metals (Co, Cu and Ni) along with other impurities. This is not acceptable to existing separation plants.

The basket price uses individual high purity separated oxide prices without any discount factor. Even high purity MREC is bought by separation plants at a discount and generally only the magnet REs are paid for (Pr,Nd,Tb.Dy) with no credit to the other REs. I note also that the present spot prices quoted on metal.com are significantly lower than the main contributors in their MREC.

The high heavy to lights ratio is encouraging as is the fact they can extract (desorb?) at a modest pH in ammonium sulphate solution.

I wish the VTR team success in the challenge ahead.