ROFL, I think G.H. is choking on his words here.  Does he not know Kaska, formerly KCMP, produced some 80 finished products, oxides and metals?  IMO, in his first response here, he tried to downplay Stans achievements as "pilot scale".  Luckily for us the interviewer knew his stuff and got G.H. to disclose more with his excellent follow-up questions.  Got me all scared about storing finished metals now, ROFL.  

GH: On its face, this is encouraging news, but I would need to see an associated independent technical report to be able to properly evaluate the developments. Stans has also acquired a processing facility that will eventually handle the concentrate from Kutessay II, if it can be verified and scaled up. The key is adding value to the material and not just stopping at a concentrate. In this respect I think that Stans is spot on—not looking to do more than just sell a HREE concentrate leaves a lot of money on the table.

TCMR: Stans also announced that it has produced 99.9% pure dysprosium and terbium and 99% gadolinium metal at the Kashka REE processing plant. A lot of companies have produced the oxides, but few have produced the actual metals. Does that increase Stans' likelihood of getting project financing?

GH: If a company can demonstrate that it has a process that's economic and scalable, then sure, that can help its outlook when it comes to raising the money to do the final engineering and construction. Companies typically need to have offtake agreements or other commitments from customers and end-users in this sector to raise the kind of money that's going to be needed. Being able to produce either an oxide or a metal to purity levels that are of interest to end-users is no doubt a positive thing—if it can scale.

Stans is one of the very few companies (if not the only one) that has produced HREE metals outside of China, as part of its piloting work. You don't always want to produce a metal though. Metals, REE metals in particular, are very reactive. One of the reasons that companies frequently stop at the oxide, or some other compound, is so that there is a stable form of the material to send to the end-user or customer, who can then convert it into the metal form, or even an alloy, rather than storing it and having it corrode or oxidize over time. You have to manage these materials and they have a finite shelf life.