Another section which is of interest "A feature of the market...

Another section which is of interest "A feature of the market though has been the substantial increase in demand for phosphors. This has instigated significant interest in Northern Minerals from global lighting producers requiring heavy rare earths for their phosphor production predominantly used in lighting applications. This has coincided with a 40% increase in pricing for yttrium oxide when all other rare earth prices have either decreased or remained stable. This is particularly relevant for Northern Minerals, given that yttrium accounts for approximately 60% of its TREO mix."