Both numbers are used in the DCF analysis in the Nolans Project...

Both numbers are used in the DCF analysis in the Nolans Project Update document of Nov 2022. They reflect the base case for the project.

The offtake period is the first 7 years of full production (as per the Hyundai-Kia offtake agreement, the only one existing at that time). The NdPr price is forecast to average US$125/kg over that period. LOM is beyond the first 7 years: US$130/kg NdPr projected average price during that period.

The below graph demonstrates ARU's NdPr price projection. The base case forecast price starts at US$100/kg in 2021 and ends at US$130/kg for all years beyond 2033.