Ann: Variation to Loan Agreement, page-46

Like most of NTU's glossies, big on hype, short on reality.

Lynas has been producing Dy in a mixed carbonate for six years but the simple fact is the depressed price of HRE's just doesn't make separation economic.

As far as resource, last Mt Weld update: "With the inclusion of Duncan, the 2018 Mt Weld Rare Earth Ore Reserves now contain 6,600 tonnes of Dysprosium which compares favourably with other pure heavy rare earth projects."

Compare NTU's Browns Range data from TMR: TREO 57KT x Dy in-situ 0.053% = 3021T

Now that Lynas has broken into Duncan deposit 0.061% Dy they are stockpiling xenotime ore making it relatively easy to respond to any increase in demand/price HRE that make processing economic, remembering it is simply a by-product.

NTU's economics suite, grade, mine life would still be marginal at twice current DyO prices, but you can always invest in sentiment.