ASM Chart Thread, page-12050

• New feasibility study due midyear.
• Opex and Capex will be reduced, which will lead into final investment decision at the end of CY 25.
• FEED due to start end of CY 25 inline with FID
• Talk of new orders ("filling order books now") for KMP imminent after lengthy validation processes passed with European customers
• Location of second US metals plant due end of CY 25, depending on DOD grant funding which has been flagged as highly likely (TBC)

From recent communication I've had with management, regarding the reworking of the flowsheet and the new feasibility study:

Under the current full flowsheet, the first processing step after mining and comminution involves a large sulphation roaster, which must be sized to process 1 million tonnes per annum (Mtpa) of ore, regardless of which minerals are ultimately refined into final products. This roaster is both capital- and energy-intensive, requiring substantial reagent inputs, which also drive up operating costs. Given this high initial investment in both capital expenditure (capex) and operating expenditure (opex), multiple revenue streams from other minerals are necessary to achieve a viable return. However, extracting additional minerals requires additional solvent extraction units and purification circuits, further increasing capital costs.

As highlighted in the Quarterly, the REOA is exploring atmospheric leaching as an alternative first processing step, with promising early results. This method would eliminate the need for the roasting step while still recovering both light and heavy rare earths and maintaining an ore throughput rate of 1 Mtpa, consistent with the full flowsheet design. The remaining minerals would be preserved for separation and refining in a second-phase development. Notably, a roasting process can always be retrofitted into a leaching-only circuit, as would be the case with the atmospheric leach approach under the REOA. If atmospheric leaching proves technically viable with recovery rates that support the economic case, it could significantly reduce the capital requirement for Phase 1.