Ann: TK Expanded Offtake to Meet Bankability Requirements, page-30

Not sure why you think HAS is low cost, but be careful not to confuse costs/ kg of REO with costs / kg of NdPr Oxide. There's lots of smoke and mirrors in the RE space, especially where HAS is concerned.

HAS has indicated its Opex will be A$22.7/kg REO (May/June 2023 presentations). At 36% NdPr/REO ratio, that's the equivalent of A$63/kg NdPr Oxide. But that's before financing, which in the current market could be $50 - 60m pa. And because the production base is so low (only 3,500tns of NdPr Oxide), this could add another A$15 - 20/kg NdPr to overheads (and that's before capital repayments).

We know from PEK's recent deal with Shenghe that concentrate only pays ~45% of the NdPr Oxide price. If you assume a current NdPr Oxide price of US$75/kg, 0.65 Fx and a 45% payable, then concentrate revenue will only be in the order of A$52/kg.

With costs in the order of A$80/kg NdPr Oxide and current revenue in the order of A$50/kg NdPr Oxide, its hard to see this going anywhere until NdPr Oxide prices move up at least 50% and there's no visibility of when that might happen.