Yup, especially if a further increase of HREE recoveries works...

Yup, especially if a further increase of HREE recoveries works out as planned (the last increase was worth ~50 mio in additional revenues, offsetting lower REE-prices) and HREE prices recover as expected.

The outcome for us depends of course also on them being able to avoid dilution as much as possible. If I had my way, Alk would buy up as many shares as possible down here and resell them somewhere above $1 once the remainder of the financing is completed. Add the money from Tomingley and we could cover a good chunk of financing with our own means ...

BTW, I haven't mentioned it in ages, but some years ago they discussed plans to move the DZP from 1 MTPA to 1,5 MTPA after a few years of production (maybe using ore from the Railroad deposit). That mostly depends on the zirconium product markets, though; ie. on the Chinese economy (whether the Chinese build more new bathrooms - or at least renovate old ones with new tiles). Another option is adding a tantalum and a hafnium circuit ...