This delay is indeed interesting. While there is no guarantee that the fluorine and U/Th ratios to TREE or NdPr are going to remain as wonderful as they are in more weathered parts of the Mt Weld deposit currently being exploited, that remains the most reasonable expectation.
They drilled one very deep hole; a moonshot. They are confident enough of the underlying formation that one hole essentially tells them what they need to know. If the U/Th content does not change, as nd grades remain sustainable, they will have learned something very valuable and that may give them pause. This is big: how do we leverage this? What narrative should we release these results in support of? Multiply Mt Weld output of ore concentrate or multiply mine life?
If the results are crappy, they move forward with solid current mine life and significant projected cash flow. So once again the downside is dwarfed by the upside; risk asymmetric. Nothing but upside when results are released.
Plenty of NdPr in the world, but the U/Th content is a VERY large co-consideration. Thorium monetization will be key to unlock huge value from many deposits but remains at least two decades off imho. As of today, U/Th content detracts significantly from ROW deposit values.
Bigger longer players would be bigger buyers if moonshot drill results show a potential to explode mine life. I have long suggested that Mt Weld would one day be among the biggest open pit mines in the world and I still believe that.
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