Ann: Outstanding Kangankunde Stage 1 Feasibility Study Results, page-132

I see the LOM payability, which provides the bulk of NPV and IRR outcomes given the flat assumed NdPr price profile through most of the LOM, is ~65%. I find that very hard to believe when 50% TREO MREC coming from clay projects, with no Th/U and no Fe/Al or any other notable impurities for that matter, has payability of 70% (IXR DFS). MREC, whilst being much higher purity, can also feed the SX refinery after a simple ambient dissolution in pH 3 acid. Whereas carbonatites still need the very capex and opex intensive cracking step (see Lynas Kalgoorlie carbonatite cracking plant CAPEX for proof). Payability comes from assumptions by their product pricing consultant but as we see with HAS the proof is in the offtake pudding?