Ann: NTU Hallgarten and Company Coverage Update, page-20

Did you read these parts ?

While two other companies look like they might reach production in the next three years, Northern Minerals is indubitably ahead of the pack. It was the first to grasp that small is beautiful capitalizing upon the lessons learnt by the wounded (Lynas) and slain (Molycorp) behemoths that arose from Rare Earths 1.0. With a staged approach to production and a focus on slashing capex that would make Jack the Ripper proud, Northern has cut its coat to suit the very skimpy cloth available in capital markets. It
has also managed to get itself a real offtaker so when the production rolls it will have a taker and at an identifiable price.

and

We remain bullish on virtually all the Rare Earths, except the ubiquitous Lanthanum and Cerium. These two really spoil the mix and the onset of production from Molycorp and Lynas, which both contained sizeable components of these two elements, made the price appreciation prospects for them look even grimmer and put the lid on many projects that are overly weighted towards these “mass-market” elements. They remain still the most prevalent REEs in most projects so other sources of production cannot help but add to the global overhang of these even if they are warehoused for some mythical better price scenario.

Still didn't answer the question, if they have 50,000+ Kg of Dysprosium in the mix why not sell it and pay off some debt ? Even with poor price DyO is still 3 times above the price they are getting for their LRE product.

Any reason you think I should not believe the prices displayed on http://www.kitco.com/strategic-metals/ ?

As I write this post

Neodymium=US$56/kg
Dysprosium= US$187.90 kg

My calculator says that Dy prices are 3.35 times that of Nd.