REE Geo Exploration Plan Explained, page-23

It may be thought that the interests of BRE and all other explorers in Bahia East are similar.
They are not. There is a difference, and it matters to investors.

Consider the Forester and the Coal Miner.
Q1: What do they both seek ?
A1: Carbon.

Q2: What separates them ?
A2: Millions of years of transformation of forests.

And so it is with Hardrock and IAC REE Explorers.
Yes, they both explore for the same Lanthanides.
But millions of years of transformation also separates them.

All IAC deposits were once located in Hardrock REE high above and kilometers away. Now the passage of time may have led to the removal of either or both. IAC deposits are "fragile"; they cannot resist moving water for long. Recall bands of dark mineral sands exposed in a bank of sand at the beach. The next winter storm may wash them away. So it is with IAC.

It is this "fragility" that is attractive to IAC Explorers. It's easy to mine. For Processors too. Low capital intensity, a light crush and rinse, resin extraction, precipitation, and you're done. Hardrock is an entirely different matter. Blasting, crushing, acid bakery, and "hot" waste handling are required. Then you can proceed with an IAC-like process flow sheet.

Hardrock REE has been available for decades . . . why is there interest in IAC exploration today ?
Yes, you guessed. It can be more economic.

Agreed, an economic discovery of one is not indicative of the economic discovery of the other, and the parameters of what is considered "economic" change from time to time. The "capital intensity" that investor groups can withstand also varies. Investor groups with access to boundless capital can deal with the REE Hardrock path. Others need to "boot-strap" themselves via IAC.

IMO at this time the development path of BRE and the IAC Explorers is very different. As a consequence, their propositions appeal to different investor groups.

PS: In the Li2CO3 development space there are similar development path disparities . . . consider AGY and VUL.