Ozfinancial report, page-34

As per the link below that Goofy provided, one could see that NTU wanted to remove the Yttrium before the carbonate was shipped to China. I'm punting that the ANSTO "relatively simple addition to the hydrometallurgical process prior to mixed rare earth carbonate precipitation" simply just didn't work, otherwise IMO it would have been designed into the pilot plant (being so SIMPLE) for cost effectiveness. At the time when this report was released, ANSTO had not even finished their test work.

https://quoteapi.com/resources/da98...rosium_rich_Browns_Range_Project_post_DFS.pdf

According to NTU, out of the 573 tonne of TREO produced from their 1100 tonnes of carbonate, 337.6 tonne or roughly 59% is Yttrium.
I guess a question is, how much is the separation of 59% Yttrium going to add to the separation costs? which ultimately will affect final payment from JFMAG
With the current offtake agreement, the offtake partner prices the shipment for 5 of the 6 components at the separation stage. The other elements in the mixed heavy rare earth carbonate are used by the offtake partner to pay for the separation costs.

And as from the July 17 Argonaut report, which is now back up on NTU's website, taking into account the R&D rebates and also the current spot prices (July 17) they expect the pilot plants net cash-flows will be near break even.
Back in July 17 DyO was roughly 4% greater than what it is today.

Q: What have shareholders to gain out of a 3 year R&D pilot plant that might be near break even?

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