OK mate I get what you are saying. Sorry for the confusion. I do...

OK mate I get what you are saying. Sorry for the confusion. I do not think VTM has truly settled on its final processing flow sheet.

I do not think the MRE grade will be that high. The minimum cut off has been 500ppm and I do not think we have drilled enough to produce a maiden MRE of above 100MT with a cut off above 500ppm. That would not be possible. As the cut off drops the average grade drops. So it could be 800ppm in ground grade. We know with benificiation the head grade can go to 1400ppm+ ...

So in fact VTM would be processing a grade 200% minimum higher than IXR.

The resource grade will probably be lower IMO than you said but the company will be processing a much much higher than the 1000ppm head grade you have mentioned. Which should economically VTM is sitting in a far superior position than IXR on the basis what you have discussed.

Although in ground grade is nice the head grade is what determines the dollars and cents. Luckily VTM can improve the in ground grade so much.

It is hard to say with clay producers because there is no one actually producing REE clays in Australia yet. So I guess it is a bit harder to predict because there is no direct comparison yet.