Sorry, I was oversimplifying it. IXR has cheaper processing, not...

Sorry, I was oversimplifying it. IXR has cheaper processing, not because it is in Africa, but because they are a) using heap leach (compared with tank leach then needing to filter everything) and b) average 14 kg/t acid consumption whilst the Aussie clay explorers are not sharing their acid consumption rates suggesting they aren't great - or no one wants to go first!

So if IXR is struggling to stack up with current REE prices with heap leach and 14 kg/t sulphuric acid consumption rate with 640 ppm head grade, then the Aussie plays will be needing a much higher head grade just to overcome the tank leaching and the potentially higher acid consumption rates (or using hydrochloric acid!).

If VTM come to the table with a 1000 ppm head grade which is leachable and has an acid consumption rate below 20 kg/t, they will easily be ahead of the pack by a country mile. I think it's a chance given their TREO grade averages around 950 ppm in all their drill data to date, they could bring up the cut off a bit and get a 1000 ppm head grade potentially without sacrificing many tonnes..