Actually, on further reading my thought was confirmed, Dy extraction using their optimised leach conditions (250 kg/t acid, 90degC) was 36%. Page 99 in the full scoping study - https://americanrareearths.com.au/wp-content/uploads/2024/03/rpt_23824-0001_jorc_1.pdf
But their overall Dy recovery assumption going into the economic model was 66%, which includes upstream and downstream losses. Using their optimised leach data, the overall Dy and Tb recovery should have been 27%. That is: 78% gravity/WHIMS x 36% leach x 98% partial neutralization x 98% separation and finishing (see table 9-12 from page 105 below). This makes a notable impact to the economics. I have emailed the company for clarification.
Ann: Scoping Study, low-cost, scalable world-class REE Project, page-33
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