composition of the ore matters more than grade, page-8

LTL the answer is in your extract you provided. You are spot on about cerium being in oversupply and less valuable.

Yet this works in PEK's favour due to the simple flowsheet and metallurgy of the project.

See how early in the process and how easily they remove the cerium. That leaves a 50% concentrate skewed towards the more valuable REE.

50% concentrate is a big number. 50% without cerium makes it even more important. Management indicated that they are progressing toward removal of 100% of the cerium at that early stage in the flowsheet.

Basically, it is very cheap and rather easy for them to extract the less valuable cerium and end up with a 50% concentrate of more valuable REE to engage partners on. If it was an expensive and complicated process to remove the cerium we may have a problem. But it is quite the opposite for PEK.

So no problem here in composition and metallurgy as the Co are going to have a hihger grade base concentrate than competitors, hopefully free of the cerium which is removed at a very low cost due to our simple flowsheet/metallurgy.

Let me give you a tip to help with your efforts in bagging the stock. If you wish to find a downside to PEK it is not in the technicals of the deposit which are quite sound, but the doubt surrounding the dealmaking ability of management and their ability to reach savvy financing outcomes. This is where the doubt exists.