MEI 4.41% 17.8¢ meteoric resources nl

Located Aclara PEA/SS...

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    Located Aclara PEA/SS

    https://assets-global.website-files...e97f4c1f9_PR_Carina Module_PEA VF_clean_2.pdf

    Some curiosities in this though IMHO - now i'm back on the desktop.
    4800T of TREO for 470M USD does not add up at all IMO. That's 100usd/kg received for a 90% MREC.
    let dig deeper.

    I found the concentrate content of the valuable elements dy tb ndpr here. do not advertise external links.au/...arina-module-rare-earths-project-1039144.html

    They do not publish their full REO suite so unfortunately you can only input the TREO and the valuable elements and then make an assumption of the make-up of the remainder of the elements albeit low value.
    I assumed the ppm of the remainder of the elements by averaging the compositions for similar REO plays in brazil.

    I thus arrive at this as their composition.
    aclara.PNG

    largely aligns to the NdPr content and Dytb content in their publish resource in november.
    https://www.mining.com/sponsored-co...esource-at-its-carina-module-in-goias-brazil/

    metallurgical response found https://www.aclara-re.com/carina-module


    aclara met.PNG

    again unreported NdPr... so i'll have to figure that out based on what they report the NdPR content to be in the concentrate. Annoying...

    here is the product below

    concentrate aclara.PNG

    So with several inputs and several variables left blank. Need to try and estimate for the unreported recoveries of each element.

    The below arrives at the 26% NdPr and 4.7% Dytb with the overall recovery 36.9% as per previous table.
    Assume a 92% TREO concentrate.

    Aclara actual revenues.PNG

    There we go. That's probably ball park what we're actually talking about. I land at pretty similar tonnage and using their opex per tonne see annualised opex is same.

    If i had the full suite of elements and the full suite of recoveries i could replicate it but this is my best go in 10minutes without using multivariant calc to get the exact inputs based on unknown variables.

    At todays prices (or close to as per SMM) Aclara's carina would generate 14M USD p/a for a 9.6mtpa plant costing 576M USD to build. Aka project is junk.

    Compare this to MEI's project. Even if i use a low value head grade (aka their average jorc or lower) we generate 86M usd p/a profit for only 5mtpa plant. Half the capex cost probs and 5 times the profits...
    MEI superior.PNG
    input a higher feed grade assuming high grade resource targetted and up MEI to 9.6mtpa.

    MEI 9.6mtpa.PNG

    That's at todays prices... Blow their project to smithereens.

    VMM for a comparison using it's average grade. = 145M USD profit p/a. at 9.6mtpa.
    VMM revenue.PNG

    IMO both MEI and VMM vastly better investments given the better grades (2-3 times higher) with better recoveries. Proving viability even at very depressed prices.

    Carina almost losing money at todays prices imho as per my calcs. Wouldn't touch.
    The only way they have generated those bogus revenues is using a forecast or much higher grade REO prices.

    pricing no good.PNG

    Disclosure i hold MEI and VMM.

    SF2TH
 
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