I actually think this is a pretty solid presentation. He's...

I actually think this is a pretty solid presentation. He's clearly hitting the right areas of the conversation in that 12min to 18min mark, very interesting. I think it's clear the market isn't yet sold on the met work making the project economic.

The question around the clay based non ionic projects has always been around operating costs.

If OD6 had 60% recoveries with ph4 ammonium sulphate 30min, this is a $500m market cap company. In the preso BH mentions 60% recoveries using HCL. This is the sticking point for the market, he knows it, and everyone else knows it, once they prove this project has high enough grade to be economic using HCL, and at current depressed rare earth prices, the valuation will change, at this point the market isn't sold on it.

It's one to watch for when these numbers eventually are available.