Just ran the numbers for this <75micron cut and diagnostic...

Just ran the numbers for this <75micron cut and diagnostic recoveries update to see what it looks like and I still can't get it to make bank or compete with IXR Makuutu project (itself a long way behind true ionic clay, salt leach, pH=4-5 deposits like MEI).


In ground big-4 magnetic RE's are reduced by 90% (bene recov) x 60% (MREC recov) x 70% (payability) for a gross revenue per tonne (before royalties). I have used prices ex-China (less 13% VAT, eg Nd-Ox $100 = $113 incl VAT) higher than today just for an idea. Bulls will see double the REO prices in the future, good luck. It is difficult to lift mining grade much above MRE grade even over the better areas because the lower grades come with the higher grades in a sensible large open pit. This is very much a bulk mining operation.

Makuutu is very similar Mine Reserve and MRE to Koppa, especially the ppm mag REs as ppm. Big differences between the two projects include:
Heap Leach vs Vat Leach
Heap is a lot cheaper to build and operate. Not just because it's simple open air heap processing vs steel vats, but because heap will not need to process and dispose of huge amounts of clay in leach suspension that <75micron material from hydro-cyclones and agitated vat leach will have to manage.

Strip looks a lot higher at6 Koppa. Longer time goes on, less probability of discovering thick, shallow clays, but still possible.

pH=1 at Koppa vs pH=2 at Makuutu is expensive. Koppa may end up using Mg-SO4 instead of NH-SO4, but a lot more acid is required to get down to pH=1 vs 2, and the large amounts of CaCO3 at Koppa means acid consumption will almost certainly remain high.

Makuutu gats scandium credits, which does attract a small extra cost in that $65Mpa average opex. Regardless, a new mine needs 2:1 revenue:cash cost to get funded typically, though with govvie subsidies 1.5 ratio may be enough to attract risk equity and finance. The extra cost of Koppa based on the above differences and operating in Oz, land acquisition, large footprint per tonne etc... still looks miles away without some new recovery marvel. There are too many better deposits coming on line and being discovered, RE-magnets are not actually critical to EVs, cost matters and economic law of substitution hasn't been overturned.

Sorry, still can't see this with a happy ending for shareholders, but good luck anyway.