Had a quick look at the 16 May 2023 and 10 July 2023 DEV Anns...

Had a quick look at the 16 May 2023 and 10 July 2023 DEV Anns and the 18 April 2024 VMM Ann. Would appear too me DEV is playing around with pH4 and PH3 (and also had a play with pH1 and obviously pH1 s not associated with a IAC deposit). Looking at the DEV results to VMM, Ce203 recovery is slightly higher than DEV at pH4 but recovery of other key payable rare earths is much higher for VMM. Infact even using pH1 (which is not appropriate) which DEV did do in the 16 May 2023 Ann the recovery rates for the key rare earths are still lower than VMM.

Obviously pH1 is not indicative of a IAC resource, so need to simply look at the pH4 and pH3 results (and if I recall both VMM and MEI used only pH4 and not pH3). If I had to have a guess, my gut feel is that DEV has a deposit that is not 'fully' IAC and by that I mean completed the weathering and release process to been an IAC deposit in the same vain as VMM and MEI.

Whilst the resource grades differ between the two, I feel IAC is a very broad term. In the video in my last post, the geologist clearly states, which has been a view of mine, that even within a clay deposit there might be some aspects within it that could be defined as IAC - I suspect DEV has one of those deposits that hasn't completed the transition process to a more fully IAC deposit than what has occurred with VMM (and MEI). Weathering takes a long long time, and rain/water flow a key to aiding that process.

Just a guess.

All IMO IMO IMO