REE Competition, page-368

Out of their 2019 annual report - "Concentrates contain c.a. 40% REO (1,600 ppm Thorium or 1,600g Thorium in a tonne of concentrate)". I assume that the 23% is after all the other by products were taken out, so 23% is certainly lower than both Lynas' current operation and Pensana's pilot plant. Would hope longer term that could be increased but byproduct credits are not insignificant to potentially make up for freight costs of moving "dirt". Lynas also has a "filtration" stage after the flotation, whereas GGG says it has a refining stage after flotation, so not sure if we're comparing apples with apples here or not...