Interesting update, typically light on details, but...

Interesting update, typically light on details, but demonstrating the only direction this project might make bank. Reducing the opex/t ore to square the circle with thin, high strip, modest grade, high acid consumption ore requiring low pH leachate for modest recoveries. Early results described as 'diagnostic' and requiring considerably more work to build confidence in reliable numbers.

Interesting thing for mine is that close to 50% of TREO was in the >38 to <75 micron range for only 14% weight. Kaolin and other clay particles usually less than 38micron... perhaps telling us that RE is not ionic clay hosted as advertised, but predominantly colloidal hosted and thus the constant requirement for acidic leachate to recover REO (pH=1). Second point is the absence of any data on the recovery of the big 4 magnet REO into the 38-75micron fraction. If the only payable REO's upgraded into the 35-75 fraction, surely management would have headlined this fact in the release yes? Fact the release only talks about TREO% fractionation and leach recoveries strongly indicate to me that the big 4 mag REOs under-report to the 35-75 fraction compared to in situ ore sample distribution.

Hopeful but not a great update if this was the tech breakthrough investors were hanging their hats on. Still too little mass reduction beneficiation into acid chomping ore still requiring pH=1 for reasonable recoveries. If they can find a thick deposit, low strip, high TREO grade and use hydro-cyclones to reduce ore to leach tank to 15% while keeping 50% of TREO, perhaps that huge reduction in leaching costs can overcome low recoverable value per tonne mined?

GLTAH