ChinaSyndrome - yes I meant RBW. Yes I can read a JORC report and no I am not here to have a measuring contest with you. Believe what you like. RBW's deposit is definitely one of the richest (or richest in the world). TREO grades of 30-40% insitu are insanely high.
Herlat - Yes RBW just started exporting in recent times. Yes, they sell to a European trader but guess where those tonnes end up? China is the only country with an ecosystem of Rare Earth processors. EVERY potential Rare earth concentrates exported (of which there is essentially only 1 right now being RBW) sells to China. There is no where else to sell it. If RBW is getting a 70% discount then PM8 will too. NdPr oxide demand is one thing....demand for a concentrate containing these is a very different product. REMC still needs 2 major processing steps before it is consumed by a magnet producer. It is a huuuuge call to say PM8 will jump into the market and sell up to 100kt of product which currently has a total seaborne market of c. 5-10kt at best. Also they are then saying they are gonna go to China and sell ice to eskimos. China has more than enough REMC to process itself. To date PM8 have demonstrated they can produce a 20% Treo concentrate. This is very low grade product - very relevant if you are putting tonnes into a ship. The Chinese are not going to trip over themselves to buy low grade REMC unless the $ make sense (ie very cheap). Not saying that 20% TREO is the best PM8 can/will do, just saying they need to show they can before you should assume they can. Rare Earth is not a mining game it is a processing/metallurgical game. Not all ores can make a good RE product. Also - my point is that to really create value PM8 will soon enough talk about making a RE carbonate (still an intermediate product). There is a reason the other RE juniors on the ASX talk about making a carbonate or oxide....they could sell concentrate to China too (and are geographically closer) if they wanted but this isn't their plan and for good reason. PM8 has not demonstrated a product advantage to say they are the ones that will succeed in doing it (and at a higher cost considering their location). To be clear - there are zero facilities that exist in US and Euro that can process into RE oxides.
Barefoot _Balerina - they are great charts and extremely relevant. I think PM8 is very interesting and attractively valued. I can see the interest in RE only getting hotter and PM8 will rise with the tide like all the others. PM8's deposit looks like it has scale and pretty good grades too. The company is still cheap enough that i think it could increase materially just based on exploration wins. All very positive. But i am sharing the view that the 20% TREO concentrate is low grade and not up to the quality that would sustain a rare earth concentrate only business. This is my opinion, based on my experience in the sector, and clearly not that of others here but that's all good. Make up your own mind. If PM8 can demonstrate the metallurgy on producing a higher quality concentrate with reasonable recoveries (ie TREO from ore into the product - c.80% as demonstrated is also quite low FWIW) than my opinion would change.
