Ann: Sybella REO Discovery Presentation, page-65

Yes, that's my take on it too. The low CAPEX hurdle due to the heap leaching approach will allow Sybella to get over that 20% IRR hurdle before any other project I am aware of. Even if MEI makes slightly more margin per tonne (higher grades), their CAPEX will be around 2-2.5x per unit REO produced, so they will need a higher NdPr price to get to that 20% IRR.

I'm not expecting much price movement until we see more metallurgy results - it's had a very good run in the current climate. Particularly keen to see how they go using diamond drill core and coarser crushing into leaching. My economic model OPEX assumes P80 3mm HPGR crushing (same as Apollo Hill), so anything above that and we are looking even better on OPEX.