Here's the average %ages of the elements from the initial drill...

Here's the average %ages of the elements from the initial drill VMM results which had the full suite of TREO published.



MREO are published as Pr, Nd, Sm, Gd, Tb, Dy, Ho.
The average MREO as a % from the first results was ~22%.

On the new results
Cupin South averaged ~28% across all the holes
Fazaenda averaged ~20%

On the diamond holes which drill all the way through the accumulation zone these MREO were 30-33% each

What does this mean? The average MREO across all of the holes (noting most auger holes didn't penetrate to main accumulation zone) and therefore even in my average calc it's including basically the worst MREO % in the deposit. Meaning that the actual MREO in the accumulation zone is higher. The diamond drill holes display this.




I have actually taken the information from the announcement and gathered the average MREO content.

In short;
1) The average MREO on new results as a total % is largely in line with the initial results.
2) The average MREO significantly increases beyond the weathered layer. (Around 30% as per diamond holes).
3) The average TREO grade significantly increases at depth.

Noting point 1 and without the full breakup of TREO elements - it means that the MREO is the same. This would suggest like most ionic clay minerisations that they are largely the same grade and composition spatially. Therefore using the % of elements from the first drill results is likely to yield similar % of MREO elements given that the MREO %age are the same.

if for example the Dy and Tb we're lower it would mean that the Nd, Pr is higher.

Moreover, the largest revenue in this instance is generated from Nd and Pr making up 67% of the revenue, and the dy, tb constituting 23%. So effectively, even if the deposit had 0% Dy and Tb (which we no is not the case) then we would still generate ~80% of the revenue I've presented.

Moving towards now showing what the announcement means for revenue due to the increase in grade.

This is what the revenue would look like at fazenda assuming an average MREO of 22% (noting the accumulation zone is actually closer to 30%). Moves to ~109M USD p/a at current REO price.



And here's what it would look like for cupim south. Moves to around 129M USD at current REO pricing.



This again assumes an average MREO content of 22% and composition of elements noting that the diamond drill holes suggest it's actually closer to 30%

Finally to re-iterate the point. You can put the Dy and Tb to zero % and the project still generates exceedingly good revenues even at current prices. Much higher that others with an average grade of 1000-1500ppm. This is why MEI also has good revenues, because at 3000ppm+ you get 3 times as many REO tonnes out the back end.

VMM's deposits much like MEI are heavily Nd, Pr weighted. Meaning that most of the revenues are generates from these 2 elements. The Dy and Tb are a good bonus revenue but are not the depending factor of whether the project is viable.

Hope that clarifies the discussions here regarding composition of the TREO and what it means for actual revenues.
Essentially the drilling announcement told us we have around 3000-3500ppm average on our prospects and the average MREO content in the first 10m of the ore body is ~15-20% (at cupim still 25-30%), but once you enter the enrichment zone the MREO content is much higher.

Even assuming a low MREO content of 22% (which is as i said is an averge of results which are mainly 0-10m then you could generate around 100-130m USD at either fazenda or cupim. Once we drill more diamond holes we can then get a good picture for the actual average for the TREO and MREO across the ore deposit. aka once you print a mineral resource estimate.

The revenues i've presented are in line with MEI's based on their average JORC.
Aka VMM basically looks like it would be as equally profitable as MEI based on grade and assuming similar recoveries are achieved on met work on the enriched zone (where it's most ionic).

VMM can also now drill and apply a cut-off of 1000ppm (same as MEI) this would potentially lift VMM average grade of the tenements even higher.

IMHO MC still look very cheap compared to BRE IPO worth 300M  at less than half the grade (3 times higher) and MEI ~450M with similar grade.

SF2TH