Very good results out of MEI on the purity of their MREC (less...

Very good results out of MEI on the purity of their MREC (less than 2% impurities), which is a huge advantage for pH 4 system vs lower pH. Although IXR say they also get to similar purity from pH 2.

I would be careful intepreting their leach extractions and grades from that testwork, the composite is not representative of the resource as a whole.

Grade of composite from Capao do Mel = 4,439 ppm TREO. Grade of Capao do Mel = 2,692 ppm TREO for 67 mt. So the composite grade is 65% higher than the resource.

And they excluded all samples from going into the composite that leached less than 30%:


So the composite is biased to both higher grades (= higher REE extraction per their met work) and to exclude outliers that don't leach well. How that translates to a pit shell and grade control for their resource is unknown.

I am going to wait for their scoping study (and updated met from RDM) before I compare against MEI head to head, where Ausenco will be putting together the mine plan and actual mined grades.