Must have posted this here a dozen times over the years, based on 2015 data from TMR, and the updates since strongly favour Lynas.
https://www.techmetalsresearch.com/metrics-indices/tmr-advanced-rare-earth-projects-index/
Bare in mind NTU has 6 small patches of low 0.63% grade resource, much requiring UG mining.
Duncan is a continuous 4.84% grade resource.
Both contain 9MT TREO.
NTU contains 0.053% Dy in-situ vs Duncan 0.061% = 4770t vs 5490t.
Duncan contains MORE Dy than NTU by some margin +720t, and is open at depth.
But the real kicker is while Dy is the one trick pony NTU it is merely a by-product at Duncan given it will also 100,000t of NdPr simultaneously.
Economics of Lynas HRE are lightyears better than NTU yet they've basically stockpiled the carbonate at LAMP and now the ore at Mt Weld, simply because neither of them are viable at current prices, even as by-product.
Really don't need to scratch far beyond the gloss to understand the futility NTU.
BTW, any intrinsic value NTU can only be validated by the "pilot plant" producing on spec steady state at something close to nameplate, with a COGS approaching breakeven. Until then it is just a pile of Chinese scrap metal 1400klm out in the Tanami Desert.
