"Whilst the final capital cost of the Project to be included in...

"Whilst the final capital cost of the Project to be included in the DFS is still to be determined, it is likely (and consistent with recent development projects in Western Australia) that the overall capital cost may be ~20% greater than the original Order of Magnitude estimate of ~A$500M."

And therein lies the key question: How much $$ support can ILU/NTU get from governments?

I dont simply refer to NAIF loans and Critical Minerals Grants. Given the profound significance of REEs, the NATO countries plus Japan, Taiwan and SK should pony up, mainly with direct grants. Attitudes in Europe are to simply wave the credit card at any minerals problem, so they dont have mining at their place. We have problems with remnant albino skink populations. Europe must overlay 2000 years of history, large settled populations and visionary conservationists. European mine projects begin in paralysis.

REEs Ty and Db are essential for high performance electric motors and generators. The military have important uses, which we are not privy to, most likely just more electric motors/generators. NTU has one of the world's best deposits of these elements. China has a virtual stranglehold on REE metals, which Western governments intend to break.

A politician would say, we just need to help Western REE suppliers stand up competing operations and then let the market rip. We don't want to be seen as 'picking winners'.

Any economist worth their salt steps back here and points to the problem of China undermining the new operations by selling cheaply, below the cost of (Western) production.

ILU/NTU will need generous, even lavish, financial support to build the mines, separators and metallizers. Then, firm customer agreements on price and volume that genuinely reflect the importance Western governments attach to a reliable supply of Dy Tb.

ILU and NTU have been very quiet about their REE projects. Both are taking existential risks. I hope for the sake of all they are playing hard ball in negotiations over the extent of government support.

Ash