ucore america's dysprosium leader, page-2

ltl, Ucore have 3.89% Dy out of a 0.75% TREO as per their NI 43-101, JORC equivalent, showing 27,500t inferred TREO.

NTU "has outlined a mineralised zone (>0.15% TREO) over a strike length of approximately 200m, and a true width of between 2m and 25m." as per the May 12 statement on Wolverine. I'm not sure you want to be banging the drum about the 9% Dy in situ REO until NTU come up with a JORC showing better grades and some resource estimate.

By comparison Duncan shows a grade of 4.8% with Dy 1.27% in situ REO but by discarding the 40% Ce in the concentrate stage the Dy increases to 2.12% and Duncan is projecting 300tpa Dy out of total production 13,000tpa.

Coincidentally the same 300tpa NTU (9% x 3ktpa) is projecting only NTU will be in concentrate with a value around $160/180kg whereas Lynas propose direct chemical beneficiation at Duncan so Lynas has estimated a sales value at China domestic or $600kg.

Estimated COP Duncan $40kg v NTU $32kg.

Don't worry I'm not trying to tear NTU down, I did some basic numbers the other night off the Mineweb report that suggest it could be very profitable, but I just think you want to keep things in perspective, particularly until they deliver a JORC and you can compare apples with apples.

Incidentally Jack Lifton lifted Lynas to first on his list of ROW RE producers in a letter last week citing the CREO product mix i.e. Nd, Eu, Tb, Dy & Y. He's the first to publicly rerate Lynas on the back of Duncan but won't be the last.