ASX Today, page-39596

Not really but what they have assumed is reasonable too me - tantulum is actually a credit against opex costs here which many here may not realise. LTR is working on a credit against opex of around A$60 per tonne DMT and that is how it gets to opex costs of A$651 per tonne -refer Post #: 70089149 In the DFS itself back in late 2021 they report opex as a cost after tantulum credits. (Tantulum here is a concentrate btw.)

The process flow sheet shows where it is recovered - page 28 (basically in the front end of the process flowsheet at the magnetic and gravity separation stage) - Post #: 57483407

Tantulum credits here appear reasonable - and for consistency I have said that even in another company (not in LTR) thread many many moons ago where credits there are tin/tantulum, and posted that view at the time in LTR too - Post #: 40024479. The maths how to do credits is in the embedded post herein, and one can apply it to LTR for those mathematically inclined. At a high level don't have issues with the LTR assumption - obviously depends on price, recovery rate, and extent of tantulum in concentrate - here 30% - and the assumptions for each in the DFS appeared reasonable too me. If it is less than A$60 per tonne, won't be much less than that IMO as typically in the past I worked out tantulum credits at around US$25 per tonne - US$40 per tonne but that was a while back and obviously things are price/recovery dependent - further info here Post #: 44660639 in another stock but been a while, so may need to revisit it here.

All IMO, but obviously I probably need to get my head around this again and might need to have a VB to help me do that.

All IMO