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Why the World Needs Rare Earth Elements

The world needs REEs for a GREEN FUTURE

Rare Earth Elements are one of the few commodities that is not in a bubble. It is one of the few commodities where there is a true supply demand crunch and outlook for REEs demand looks very strong going well into the 21st century, long after demand for most commodities has fallen off. Long after the commodities super bull is finished, REE demand will continue to surge. Long after gold has been thrown out in the streets because it’s a waste of space, REEs will be in strong demand. Rare Earth Elements are at the center of advancing our technology into the 21st century and keeping our technology one step ahead of everyone else. REEs are also extremely vital in the development of our fledgling green technologies. REEs are vital to everyday life as we know it and for society to progress into the future.

Rare Earth Elements were first discovered in Sweden in the 18th century, but were not commonly used in commercial production well into the 20th century. One of the first rare earth elements used in production from was Europium, which was used to make the red in the television tubes. Since then technology has adopted these elements as their own, being on the cutting edge of technological advances. REEs have been very important in advances in green technology with the development of neodymium super magnets which have brought about the evolution of the hybrid vehicle, the oncoming electric vehicle, and wind turbines. REEs are vital in other advances in green technology like light weight solar panels that power the Solar Taxis being introduced in Brazil.

REE’s are also used in…

Compact incandescent lighting
Phosphors in flat panel displays (lcds, cell phones, portable dvd players, laptops)
Hard drives
Fluid cracking catalysts in petroleum refining
A variety of medical instruments including MRI machines
Many military applications
Polishing high quality glass lenses
Automotive catalytic converters
Rechargeable batteries for hybrids and electric vehicles
Rare Earth Permanent Magnets

*Europium and Gadolinium are commonly misclassified as HREE to make the deposit appear to be more attractive

Why REEs are important to our Green Future

Neodymium magnets & nickel metal halide batteries!

Electric cars, Hybrids and Wind Turbines all require these ultra high powered heat resistant super magnets commonly referred to as Rare Earth Permanent Magnets. They are pretty much in any technology you own, including the hard drives in your computers and will be increasingly more important in the future in products that you use. The potential soaring demand for REEs lies in the emergence of another golden age for automakers, which will last a good part of a quarter century. The official start line for this age is 2010. We are running out of fossil fuels and at some point inflation may make it too expensive to drive a gas guzzler. We have already seen demand destruction at over $100 a barrel of oil and 5 years from now the world will dream of the days when oil was well below $100. On top of all these economic arguments, switching to going green is just better for the long term health of our planet; it is good for the global economy and for the continued advancement of technology. China realizes the importance of going green and is pushing electric vehicles for the long term future of the cities that China is building.

Rare Earth Elements have unique electronic properties that cannot be replaced by any other element on the periodic table. It is why they are in everything we have that is electronic today. We would not have electronics without them and they are vital for the technological advancement of our societies. Without REEs, the electric vehicle would be impossible and am a firm believer that future improvements in our technology in the electric vehicle industry are based behind developing our REE technology and being able to readily supply the market when it is time to mass produce these high tech products. We are now at that point in time when the first vehicles start rolling onto the market in 2010 and 2011.

Rare Earth Elements are vital in the advancement of technology…

Toyota has stated that improving Prius performance and fuel efficiency has a large part to do with making a bigger Neodymium magnet. Currently a Prius takes between $10 - $15 kg of REE’s, but that could significantly increase over the coming years to produce a more effective and efficient vehicle. Toyota has indicated that developing a larger more powerful magnet would make the Prius more powerful and fuel efficient. If you want better equipped electrified vehicles that are more fuel efficient and compete with the powerful fossil fuel vehicles, making REEs readily available to industry will drive advances in technology forward over the next 20 years. Not just in automobiles, but making REE’s more readily available will allow many industries to continue to drive a wide variety of technology.

A chance at a rebirth for a new Green American Industry

Just recently (2009) scientists have discovered a 1 step process that makes Neodymium magnets without any waste and looks like it may give the USA a chance at developing their own Neodymium magnets that have a bonus of being developed through a green process. The magnet industry is currently controlled by China, but with this new process that eliminates waste and is considered green when compared to the old 2 step process of making Neodymium magnets, it gives the USA a chance at rebirthing an industry further up the value chain and with further declines in the USD over the medium term likely would make this new source of magnets competitive. The discovery of this new way to process REEs also gives potential to process Lanthanum and be used as a Lanthanum Nickel Hydride Battery in electric vehicles that would be a much greener and cheaper option for the industry.

From an article from The Ames Laboratory

“In 2009, Ames Laboratory researchers began work on a greener process for refining neodymium. Instead of two steps, “It is a one-step process going from the neodymium oxide to the neodymium master alloy,” Gschneidner explains, “and since the end-products are completely utilized, there are no waste materials to dispose of.”

A green process with the potential to bring a greater share of the $4.1 billion permanent magnet industry back to U.S. shores represents a major achievement in itself. But the greatest long-term benefit of the Ames Lab process may be yet to come. Gschneidner believes that “A modification of this process should enable us to prepare a lanthanum [element 57 on the periodic table] master alloy to produce lanthanum nickel metal hydride batteries, which are used in hybrid and electrical vehicles.”
A cheaper, greener battery for the world’s growing fleet of hybrid vehicles could eliminate untold tons of CO2, and it’s just the kind of industry needed to help insure America’s economic health for decades to come.”

Demand for Neodymium magnets is expected to increase at a constant rate of 10-16% year over year and gives a chance for new entrants in the market to establish market share. A patented green alternative with no waste will attract a lot of interest and provide an alternative niche market to Chinese magnets, especially from producers that want their products to be seen as green. As the Yuan appreciates with China’s emergence as an economic power in the world, industries like the production of Neodymium magnets become vulnerable to losing market share in international trade.

Neodymium and Lanthanum are metals of the future, especially when considering the potential rapid growth of electric powered vehicles about to hit the market over the next 25 years. One potential choke point in the supply chain of Neodymium magnets aside from Neodymium; is that they usually require the heavy REE Dysprosium, which is in short supply. REE deposits with a high percentage of Dysprosium will be of high interest to the automakers. One such project that has up to 960ppm of Dysprosium is Avalon’s Nechalacho Rare Earth Deposit in NT. Avalon’s high Dysprosium content has attracted a lot of attention to the Nechalacho project. It also is potentially one of the biggest deposits in the world.

Even though the world is in short supply of Heavy REEs, and are worried about securing supply because of the strategic nature of many heavy REE’s in military applications, it’s the LREE’s that have long term economic value. The supply of Terbium and Dysprosium are alarming to automakers, but LREEs are consumed in much more economic quantity than HREEs and is where the long term economic viability of a mine will lie.

It’s the light REE’s where the long term future is. With upcoming demand set to dramatically increase for these types of vehicles as fuel prices rise at a steady pace, consumers will force automakers to increase supply of vehicles that cost them little to no fuel on a daily basis; if governments haven’t by that time already encouraged automakers to do so.

Neodymium and Lanthanum are going to be in demand for a long time.

The Case For the Electric Car...

Ever heard of drive green 2020?

You will be hearing a lot more of it over the next 10 years as governments push their electrified vehicle initiatives on the public. The US government has a huge stake in GM’s success and will succeed in this 25 year plan no matter how much money the fed has to print to make it happen. I am not going to diss Peter Schiff but I am going to diss his comments about the long term outlook for car manufacturers like GM, Ford and Toyota. His comments that automakers are going into round 2 of a crisis over the long run are ludicrous at best and I could not disagree more… Even if his doomsday scenario plays out and we are entering into a period of extreme hyperinflation, oil will dramatically rise in price despite usage dropping off due to a poor economy. If such a situation exists, and the price of gas doubles or triples over the next 3 – 5 years, it will make transportation of all kinds dependant on fossil fuels virtually impossible. Even more so for the average commuter whose wallet is becoming tighter and tighter already. Many dynamic companies are already rolling out electrified fleets of electric and hybrid vehicles to combat expected higher fuel prices in the future. It is already shown that business has adopted and is willing to use this technology. The average retail consumer is not far behind.

If we do enter into a period of hyperinflation over the next 5 – 10 years or however long it is going to take to figure out how to unwind all this debt that has accumulated. America could combat hyperinflation by mass producing electric plugin’s and fuel them by switching our homes and offices to natural gas, which as solely a North American commodity and will be in oversupply for years to come.

If the average consumer’s fuel bill dramatically increases from $100 to $300 per month, consumers will start demanding an affordable alternative. Anyone who owns a car and feels that transportation is a must, will convert just to keep living the way society has told us to live, and part of our life in North America revolves around commuting. It will be much easier to build a fleet of electric cars than move people from the suburbs back into the city.

In the face of rising prices and possible fuel shortages what would you want?

The vehicle that costs you $400 a month for fuel for the rest of your life and maybe increasingly more every year, or the vehicle that costs you virtually nothing to fuel and is only dependent on a commodity that is in oversupply for the next decade?

I am in the camp that over the next 25 years you are going to see the rebirth of the automobile into a fully electric vehicle. There are just too many pressures by green technology and then the ultimate pressure of ultra high fossil fuel prices that will force the masses to convert. If fuel prices double in the next 3 years, people will line up down the street to get an electric vehicle. At a certain price point for fuel, the masses will demand the electric car. Governments that get their populations en masse into electric vehicles will save their populations against possible extreme energy inflation due to peak oil and possible hyperinflation. Extremely high fossil fuel prices may eventually grind global trade to a halt except for the shipment of raw goods.

Peak Oil is Here!

It is commonly agreed that peek oil is not a figment of anyone’s imagination, with the only debate about peak oil being when the world is going to top out in oil production. One model predicts peak oil as early as 2014, although the general consensus is sometime after 2020. Peak Oil should generally be referred to as a time period and not a set date as it should be a period of transition from one form of energy to another. At some point, if hyperinflation doesn’t convince populations to give up their gas guzzlers and to turn to the electric vehicle. Peak Oil will.

Demand For HEV, PHEV, BEV vehicles is set to soar

Which camp are you in?

A Very Conservative Estimate

JD Power estimates that by 2020 all HEV, PHEV, and BEV will account for only 5.2 million of the world’s auto sales or only 7.7% of the total passenger vehicle market. This is a very conservative estimate and is underselling the potential market. If analysts are using this estimate to forecast demand, they may be greatly underestimating future demand. Does any chart for technology look like this? Did the DVD player chart look steady like this? Technology is very predictable with few early adopters, and then more of the main stream, followed by everyone going in a mad rush to get the hot product. You cannot stop herd mentality when it happens. At this point we are still in the early adopter stage of the product life cycle as price point and sales are still indicative of the beginning of the cycle. JD power is grossly underestimating the amount of electrified vehicles that could be manufactured and sold in 2020.

A Drive Green 2020 Estimate

Drive Green is not a matter of if, but when and how fast. It all hinges on variables such as the supply of raw materials to make it happen, an effective price point and potential greater fuel savings. PRTM estimates that at some point there will be an electrification tipping point this decade which will encourage most of us to change over en masse. By 2020 PRTM estimates that 4-5% of adoption rate for EV’s, a 5-6% adoption rate for PHEV’s and a 20% adoption rate for HEV’s which would add up to a third of the global passenger vehicle market by 2020, or well in excess of 20 million vehicles. 4 times more than JD Power’s estimate. If the drive green initiative is planned out at every level and has coordinated government support. It will happen. There may not be 30% saturation in the passenger vehicle market by 2020, but it certainly represents a more realistic number based on analysis of the new product life cycle.

4.2 Annual combined fleet sales by 2015

These estimates do not include the 4.2 million combined electrified vehicles in the fleet market estimated by 2015. This is a more stable estimate because it is easier to predict business behavior, especially when the write-offs are added into the potential fuel savings. Fleet vehicles are also prone to high mileage which adds up to much more fuel savings than the average commuter. Logically, businesses are the early adopters of this technology, but as fuel prices rise, more and more consumers will switch as prices reach the demand destruction point.

One thing for sure is that with such a wide variety of estimates, no on knows exactly how fast consumers will adopt or when. There is consensus that if there is no supply of these vital raw materials, there will be no electrification era with the automobile.

What is stopping the consumer from switching en masse?

Current high prices of HEV, PHEV, and BEVs, keep consumers from switching to electric and hybrid vehicles en masse. Interest for the high technology vehicles is high until the price is revealed. Hybrids generally cost $5k more, PHEV $7.5k more and BEV cost an average of $15k more for a similar vehicle. Consumer interest drops in half for hybrids and plugins and 70% for pure electric vehicles solely based on price.

Electrification of the automobile is going to happen at some point in the next 5 to 15 years depending on a wide variety of variables such as Peak Oil, state of the economy, sufficient supply of raw goods and governments taking initiative to encourage consumers to switch over.

There is also the threat of material inflation of hard assets over the next 10 years that would put added pressure on consumers to adopt at a much earlier pace than previously estimated with the tipping point being demand destruction of gasoline prices.

The China Debate (Scarcity of supply)

China may be cutting off supplies because of strategy and using a monopoly over an industry that no one previously cared about as leverage in a trade war… but simply put… the big picture here… their big picture: Is a vision of an urbanized China that does not include dependence on fossil fuel powered vehicles for transportation. Their vision of China is now including a Green Vision of China which includes tighter regulations of their industries and controlling pollution from the manufacturer all the way to the consumer. As the time approaches where Chinese automakers introduce their own versions of the electric vehicle, it has left China with no other alternative, but to limit supplies of all REEs. China will not have enough REEs to supply her own needs at some point in the future, which may be as early as 2015.

Just look at the supply demand equation. Current demand is 134,000 tons while supply is only 124,000 tons and demand is projected to rise to 180,000 tons by 2012. Demand is expected at over 200,000 tons by 2014 and if continues at the current rate could be as high as 240,000t by 2015. If demand for REE’s continues to increase at a constant rate of 23,000 tons per year for the next 10 years then that is the equivalent of 1 to 2 new mines coming online every year producing between 10,000 to 20,000 tons of REE per annum for the next 10 years to keep up with supply. This does not include demand for REE’s that is expected to dramatically increase after 2020 from mass production of BEV, PHEV and HEV vehicles. Not including all the potential new uses that are just waiting to be discovered.

Demand may start to escalate going into 2020 as mass production of electric vehicles begins in earnest. Growing demand for REEs isn’t solely dependent on the electric vehicles as China intends to go from 12GW windpower to 100GW by 2020. These Wind Turbines will be powering many of the charging stations China plans on installing over the next 5 -10 years. China intends to have more EV charging stations world wide than any other nation. If that is not a big hint of how they are trying to move their population around in the 21st century, then nothing will convince you that the age of the electric vehicle is upon us. China is the one who will lead the charge. They are the most advanced in REE technology so it makes sense that they are choosing the BEV route.

Adding to the increased urgency to develop REE mines and deposits is governments are now considering developing strategic stockpiles of REE’s because of their strategic importance in developing green technologies as well as numerous military applications. Stockpiling may not add pressure to international demand and prices but will put pressure on developing deposits and mines to procure these stockpiles.

If demand for electric vehicles skyrockets before 2020, demand for REE’s could potentially be well in excess of 350,000 tons by 2020 and certainly pushing towards 1M tons by 2030 when electric vehicles are the only alternative. This is a time period when most manufacturers will discontinue the gas powered engine.

There is a supply crunch and an impending demand explosion well into the 2030’s, but currently the market at 134,000t is small when compared to the large markets of copper or iron. So flooding the market could happen at some point but not likely in the near future because there are very few rare earth mines ready for production. Most of these mines will take at least 7 -10 years to come online, which is just in time for the 2020 electric car boom. Chances are we will not be able to keep up with the demand for REE’s until well into the 2020’s and when demand for the electric car takes off, if we don’t have a whole new round of mines waiting to be commissioned to keep up with what may be parabolic like demand going well into 2020 and beyond, there will be another supply crunch. REE prices may remain elevated for years if enough mines are not made available to meet up coming demand.

How much supply will we need by 2020? I don’t want to alarm anyone, but 30 million vehicles requiring an average of 15kg of REE (Prius) will require 450,000t per year just for meeting possible demand of the electrified vehicle. To take an arbitrary number like 15kg per car is not scientific by any means, but could be an indicator of up coming demand for these raw materials. If this number is remotely correct we need to be able to add that much supply on to the market by 2020. Even if new REE mines averaged 20,000t of REE per year, which will be the size of the Mountain Pass operation, that is potential for at least 15 new REE mines outside of China going into 2020 to meet demand in this model.

Electric vehicles have the potential to be a product where demand may have a snowball affect starting at the end of this decade when mass production of electric vehicles begins in earnest. To generate an adequate supply of REEs will take at least 10 years to bring enough REE mines online to make commercialization happen. High fuel prices will certainly force us out of our gas guzzlers by that time.

China has been slowly cutting back on REE supply for years. With dramatically increasing prices for REEs and the recent trade dispute; have left auto manufacturers worldwide scrambling to secure supply of raw materials for their vehicles. The real issue, and has been for awhile, but is now coming to a head on the international stage forcing governments to address this issue… is scarcity of supply. Everyone thought we would have a secure supply of REE from China for years to come, but as REE demand sets the stage to surge over the next 20 years, it has left a huge hole in the supply chain. This issue could really put a damper on the party when automakers are trying to introduce a rebirth of the automobile in the form of electric, hybrid and battery operated vehicles with a chokepoint in supply not being able to access the raw materials needed to mass produce at a cost efficient price.

Some short term solutions…

There are many factors affecting demand for REEs, but currently the biggest potential crimp on demand is the actual supply of the raw material itself. Current projects that are near term are…

Australia - Lynas’ Mt. Weld(17,490,000 tons @ 8.1% REO)
USA - Moly Copr’s Mountain Pass (20,000,000t @ 8.9%REO)
USA - Glencore’s Pea Ridge (12%)
South Africa - Frontier Rare Earth’s Zandkopsdrift (43.73Mt @ 2.17% TREO)

These projects are all still 18 – 30 months away from full production and will only meet 60,000 – 80,000t per year and may not meet the extra demand required by 2012 -13. If demand continues at a 23,000 ton pace for the next 10 years, 1 project 20,000t per year mine will need to come online every year over the next 10 years to start meeting what may end up being parabolic demand for REE’s going into 2020 and beyond.

The real question is… what happens to REE demand after 2020 and how do we meet that potential demand?

Demand for Neodymium and Lanthanum set to soar

China is forecasted to demand at least a third of the global market for electric powered/assisted vehicles whose total annual sales could easily exceed 10M total units by 2020. With potential demand for the electrified vehicle market estimated to be anywhere between 10 – 30 million vehicles, that is a lot of potential new demand for raw materials to the market. Advances in technology could dictate that vehicles may require more of the raw material for better technology by 2020. Depending on advances in technology, availability of supply, increasing public pressures for affordable alternatives, that number could greatly increase. If there are chokepoints in supply, it will discourage manufacturers to use the technology as well as not to improve on existing technology that may require more raw materials for better performance and efficiency.

For Rare Earth Elements, securing supply is much more important than any other metal being strategic in nature, with having so many technologically advanced industries being dependent on these metals. If we are slowly becoming a cash poor society in the west when compared to our cash rich Asian counterparts, having our own supply of strategic raw goods is vital to the survival of all our tech industries. Our future technology and competitive edge globally is dependent on these elements. If we don’t have the metals and materials, the scientists cannot experiment with them and certainly can’t develop new applications and techniques for developments in technology. If we don’t provide adequate supply, a manufacturer will never use the material to mass produce revolutionary products.

By 2015, it is estimated by some that China will be a net importer of REEs and if the world does not step up to the plate to fill what will be a huge supply gap looming over the next 10 years, there will be no REEs available for anyone outside of China. We will never have affordable electric vehicles. Considering the strategic nature of these elements in paving the way for our future for so many different aspects of technology, it is vital that we secure these raw materials all the way up the value chain for years to come. Securing an adequate supply will ensure the long lasting health of our tech industries in North America without being dependent on external forces.

Lucrative Economics

Due to dramatic price rises over the past 3 years, especially in LREE spot prices, where the majority of the commercial market lies. The economics of REE mining have materially changed. Current prices are making REE mines look quite lucrative and the economics make mining outside of China much more feasible than ever. Especially since Chinese appetite for REEs will soon consume almost all that they domestically produce and will be trying to secure all the future supply they can get it. Currently prices for REEs continue to rise with Neodymium hitting $100 the week ending Nov. 19th 2010.

In the past year price increases for selected REEs…(In 2007 most LREE were $3-5kg)

Light REEs…

Lanthanum $12 - $45/kg
Neodymium $12 - $100/kg
Cerium $15 - $53/kg
Samarian $12 - $53/kg
Praseodymium $28 - $87/kg
Gadolinium $19 - $56/kg*

*Rocky Mountain REE Belt are known to host Lanthanum, Neodymium, Praseodymium, and Cerium in favorable geology.

Heavy REEs…

Terbium…$550 - $790/kg
Dysprosium… $150 - $415/kg

A chance for Rare Earth Explorers to fill the void

Neodymium, Dysprosium, and Terbium are in short demand…

Rare Earths may not be rare like their name suggests as they are found abundantly around the world, but they are only found in economic abundance in a few places. The prime exploration target for rare earth mineralization is Carbonatite. Rare Earth deposits are much more complex than a gold or copper deposit (where flow sheets are already made for every type of mineralization and it is about grade and size of the deposit). Rare Earth Deposits depend on a wide range of variables. One of the prime exploration targets for Rare Earth Metals is the newly discovered Rocky Mountain Rare Earth Belt which plays host to some of the largest, higher grade, course grained deposits in the world.

Elements to a REE mine of the future

Being Green

REEs are meant for green technology and should be as green as possible. REEs from monzanite have radioactive thorium of unacceptable levels and are not at this point considered green so this author does not even consider monzanite REE an option. In addition, deposits that have complex metallurgy that take up to 100 different chemical solutions to separate the elements are not green and are costly to operate. REE mines have had environmental problems in the past, the REE mines of the 21st century that succeed over the long run will have as little thorium content as allowed by nature and will have simple metallurgy. The Carbo property for example is 10% of allowable levels which is very low and has very course mineralization which is amenable to simple metallurgy.

The one exception I can see to this rule is a deposit like Elliot Lake that is primarily Uranium with REE as a byproduct, in addition HREE is 50% of the TREO and is the only place in Canada where REE production has occurred and was a historical source of heavy REE in the past.

Metallurgy

REE deposits that have simple metallurgy will be the mines of the future as they will be both cost efficient and at the same time as green as a REE mine can get. Metallurgy for REE’s is a complex process that can sometimes take up to 100 different solutions to extract one element from complex mineralogy which is both a costly and environmentally unfriendly process. Metallurgy will make or break a REE deposit, if recoveries are both poor and costly to improve, the deposit will never become a REE mine as it will be less favorable than other deposits. Deposits that have course grained mineralization are usually easy and cost efficient to process. Oxidation may be a problem for processing some REE ore. A REE mine may have high grades but poor recoveries and another may have average grade but great recovery that is cost effective. Until you know the economics of the metallurgy, high grades and a large area are not enough to qualify as a potential mine. REE deposits are mineral specific and deposits that are high in elements that are in high demand or are viewed to be sought after in the future will command a premium at market. REE’s are very market specific and successful REE companies will market their product to specific buyers well in advance of the decision to produce.

Location

In these times when shipping is becoming more expensive and the threat of tariffs is even greater, geographic areas and economic alliances are that much more important. Geographic location is as important as a specific location. Toyota may not want a permanent supply from the tip of Africa. Direct shipping routes from the west coast of North America would make more sense than the tip of Africa. That is why the Rocky Mountain mineral belt may be ideal to supply Japan’s needs for the long term as well as China’s needs when they turn into a net importer.

Canada is one of the best underexplored places in the world to host economical REE deposits. We have a great chance of stepping up to the plate and delivering several short term and long term REE solutions. Adding to the attractiveness to starting a REE mining industry in Canada is the political safe nature of our country and access to 2 major bodies of water. It would be an ideal location to develop a new industry that will have growing demand well into the back half of this century.

Potential REE Mines for the future…

LREE Deposits…

Canadian International Minerals CIN – Carbo Property, BC

Price… $0.73
Market Cap… $32.5 million

LREE dominant...Wicheeda Lake / Carbo carbonatite complex is considered 3rd best LREE deposit in North America
At the epicenter of the newly discovered Rocky Mountain REE belt
Property covers several kilometers of mineralized carbonatite
Less than 1 km from Spectrum’s Wicheeda Discovery...72 meters @ 2.92% REE...48 meters @ 3.55% REE

“based on work that I have done in Wicheeda Lake, that mineralogy is amenable to physical concentration and there should be no problems in chemical processing”

- Dr. Anthony Mariano

Commerce Resources CCE – Eldor Lake Property, Quebec

Price… $0.56
Market Cap… $73 million

Have an exciting new discovery on Eldor Lake Property, the Ashram zone
Near surface wide intervals, open pit potential
1.95% TREO over 243.84 meters
370 meter mineralized interval in lab being tested
Dy levels consistently 80 to 160ppm in EC10-028
Dysprosium close 50% HREE value of EC10-028
25% interest in Carbo

Hudson Resources HUD - Sarfartoq Carbonatite Complex, Greenland.

Price… $1.24
Market Cap… $75 million

Covers a large area 11km x 9km
Mineralization extends from surface and is open at depth
Very high Neodymium 46% of REE distribution
Located 20km from tide water and close to hydroelectric sites.
Strategically located to supply North America and Europe
Prospect ST40 averaged 3.6% TREO
Prospect ST19 averaged 2.5% TREO

HREE Deposits…

Avalon Resources AVL – Troy Lake, NT – Nechalacho Rare Earth Deposit

Price… $3.27
Market Cap… $259 million