This comment is spot on. LYC not making a profit at these...

This comment is spot on. LYC not making a profit at these prices. IMHO and we'll need to await feasibility studies to really know but using peers feasibility figures for opex both vmm and Mei would/should be profitable at todays prices. This is an opinion only based off current reported drill data and metwork.

As REO decreases these projects would decrease in profitability sure, but as projects potentially at the absolute bottom of the cost curve should have a significant attractiveness to the market if they can still generate a profit.

LYC is worth how many billions making a loss? yes it's in production and had capital sunk so warranted but that only holds water for so long. If MEI or VMM were in production today they'd be making a profit imho and so hence the RvR and upside I believe is quite large. Just needs to requisite studies, offtake and financing things completed over coming years and I truly think both are more economically viable than Mt Weld. It's why 90% of HREO are from ionic clays in China/Myanmar. Yes historically they've been super profitable because of cheap mining method like in-situ leaching but also they are typically 1000-1500ppm. these projects are double/triple the grade so we can afford more sustainable mining and processing methods and still be a lower aisc producer compared to those deposit even with unsavoury processing/mining methodologies.

SF2TH