race to the finish line, page-49

In reference to Longtermlegs - the concentrate grade of REO is not reflective of the end content in terms of available REE ore, as Longtermlegs has stated, "REE Grade x 35% = Available"

The concentrate grade only refers to the quality of concentrate and relative composition.

For instance, if you compare 3000t/pa of concentrate @ 40% against 3000t/pa of concentrate @ 20%, both have the exact same quantities of saleable REE.

The difference is that the 40% grade will be far easier to process, use less chemical inputs, consume less energy and ultimately cost less to produce.

It is not unreasonable to assume the 20% grade concentrate will cost between 65%-80% more to process.

For companies selling concentrate, this has material implications for the price receivable.