Ok Stoops, it's a little convoluted but I think I follow your...

Ok Stoops, it's a little convoluted but I think I follow your math but so far you've only costed the first step out at $106.10 for 62.5 kg of REO in concentrate with a nominal value of $47kg x 25/30%, say $15 or $937.50.

So far, so good but that's only the first, basic mechanical process cost and there will be a great deal more process and overhead cost to be factored in.

Don't forget CUX hold 55%, likely to drop to 40/45%, so say even a margin of $600 for 25t of feed works back to $270 so call it $10t or 100KTPA for CUX to gross $1M and that's 1.37c per share, PE of 10 = 13.7cps.

OK, 500KTPA process and it's a 10 bagger but a lot of guesswork & supposition in my extensions so I'd like to see some validation or SP movement before I add much to the few 100k I've picked up to date.

As I've said before it's an interesting one, their CREO suite looks good, and there is definitely a window of opportunity time wise. I wonder if there is any opportunity for them to follow Lynas's proposal at Duncan to discard the Ce (nearly 40%) and dramatically scale the good stuff at the second stage.