Sybella Benchmarking vs Peers, page-138

Yes agreed, that high grade Breccia zone was quite interesting. Didn't really start to leach until they hit transitional/fresh breccia, but the 35-40m interval was the best leach result they got. Even though the NdPr extractions were lower at ~60%, the head grade was nearly 10x the average in the granite lithology. So very economic in $/t extracted. If you go after 30-40m, the downside is 30m of overburden (strip ratio would be around 3:1 or $18/t mining cost) and question over how many tonnes are in that Breccia zone. Could be worth more investigation as a small starter pit for cash flow? At US$91/kg for NdPr oxide, the extractable REE in 30-40m looks to average A$200/t ore! When they drill this area out with Phase 2 we will see if the tonnes and grade are of any interest to supplement the bulk granite.