Hi FarazRz,Each phase of the ore processing from ROM pad to the...

Hi FarazRz,

Each phase of the ore processing from ROM pad to the end product has some losses which are generally expressed in terms of the % recoveries of the targeted elements, which in VML's case is Rare Earth Oxides. (if they were a gold miner it would be gold etc...).

These losses are cumulative so to be able to estimate the amount and grade of the end product you need to know the quantity and grade of the ore feed and then apply the processing losses/recoveries % to each phase of processing. In VML's case if the ore sorting recovery rate is 80%, the DMS recovery is 75% and the hydromet recoveries are 90%, the total processing recoveries of REO's from ROM pad to bagged REO carbonate would be about 60% So assuming all these recovery rates are correct, for every ton of North T. ore mined at 9% TREO would result in 54 kgs of contained TREO in the carbonate product.

A complicating factor is that VML will be supplying REETec with REO carbonate ex. cerium oxide, and as CeO2 is approx. 50% of the TREO in North T. bastenite, the saleable product would contain around 26 kg of REO's ex. cerium oxide per ton of North T. ore processed.

You need to factor in all these and many other factors such as capital requirements, production costs and a price for the end product to come to a view as to the economic viability for any mining project, and these are generally factored into feasibility studies that mining companies produce in order to raise capital to progress the project. The difficulty with investing in VML is that they have so far bypassed the feasibility study phase and appear to be going straight to production with no guidance for investors on traditional financial metricises such as ROI or payback period, which makes VML a highly speculative investment IMHO.