Please read more carefully. Lynas doesn't have "higher"...

Please read more carefully. Lynas doesn't have "higher" operating costs than PM8. PM8 has no operations .....

So Lynas has a cut-off grade for it's reserve, which is the extent of the economically extractable ore body. Yes, that's allied to it's operating costs.

PM8 has no operating costs, no PFS, DFS or BFS, no ore reserve. The PFS is an attempt to define the feasibility of the project. They're talking about a concentrator for the mineralisation, if all you're going to supply customers is a concentrate then the customers will dictate what they will pay for different levels of concentrate. The higher the level of REO, the cheaper the transport and processing, the better the price.

There will be a point where the concentrate REO levels will be too low to be economic for the purchaser.