Question · Q3 2023
Asked about potential upgrade costs for the 2024 mill campaign, the reason for the drop in rare earth carbonate costs and its future sustainability, and the strategic focus of M&A activities.
Answer
The company stated the main capital cost is ~$25 million for the rare earth separation circuit, with no other major capital needed for restarting uranium production. The current rare earth carbonate cost is not a good forward indicator due to low production volumes; costs are expected to improve with scale. M&A for rare earths is focused on securing monazite resources ('tonnes in the ground'), while uranium M&A seeks operational synergies.