Ann: NTU Browns Range Heavy Rare Earth Pilot Plant - May Update, page-44

Lynas revenue is from NdPr and LaCe, maybe 75:25, but just a guess.

Currently separating 50% of LaCe, will move to 75% this quarter.

Not currently separating any NdPr, moving to separate 25% in the next few months. Currently producing 500+ tons NdPr per month.

Lynas also produces Sm-Eu-Gd and HRE mixed concentrates as byproducts. Minor revenue opportunity or, as ausheds said, being stockpiled for whatever purpose.

Even though relatively minor in quantity, these mixed MRE/HRE concentrates will be created by every REE concentrate processor of every REE deposit. If the NdFeB-based traction drive motors market explodes, there will be a lot of clean MRE/HRE concentrates just awaiting separation. Lynas has never stated they were interested in doing so at their refinery, at least not in my recollection, but would not surprise me if they did get involved given their developing know-how.

Has NTU ever suggested they would move to separate further?

Regardless, it seems very likely that there will arise a dedicated toll separation facility outside Chinese control, sourcing MRE/HRE concentrates from multiple mining ops.

I found this quite from NTU website interesting: The pilot plant will be modularised and containerised where possible, to facilitate a compressed site construction period and allow it to be transported to undertake testwork at other projects if required.

Anyway, congrats to investors and company alike on a very momentous achievement. The 10% bump seems deserved.