Ann: Ultra High-Grade REEs Extend Significantly Beneath Resource, page-56

well I don't know about the ionic clay bit but very confused as to how they can claim ultra high grade ?
10,000 ppm is 1% (most will know that - apologies to them )
I own soome PEK which after more than a decade is getting close to production ...here are their grades for comparison .....

"Ngualla Project is located approximately 147km from the city of Mbeya in southern Tanzania and on the edge of the East African Rift Valley. It has a large and high-grade Ore Reserve (18.5Mt grading at 4.8% Rare Earth Oxide (REO) for 887kt REO) and Mineral Resource (214.4Mt grading 2.15% REO for 4.61Mt REO). The deposit benefits from a comparatively high composition of NdPr to REO and low levels of radionuclides and acid consuming elements."

have any of you guys been doing any comparing of grades , mkt cap etc ?