Ann: Wood Group appointed to execute PFS, page-11

Don't think your missing too much there...........they quote 120,000 ton per year estimated output at REE concentrate pricing of $2000 per ton so gross if they can lock in said price and production level then they should generate somewhere in the order of $240mill per year....

I would be thinking (using those quoted prices, as nothing is set in stone of course) for transport, mining and royalties etc all up it'll cost them approx $300-400 per ton to produce a concentrate worth $2000 per ton.............so they might clear $1500 or so per ton approx.

Very healthy income stream if they can sign binding off takes for the 'full production' model........keep in mind this is all really basic stuff with plenty of approximations (and nothing definitive really) but even at $500 per ton NPAT it looks good to me.....but that's just my take fwiw.