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      "text": "Production Cost(2) ($/MT REO)\n$1,750\n~$350\n$1,978\n~$230\n$1,938\n~$320\nQ2 2022 Q1 2023 Q2 2023",
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      "text": "REO Sales Volumes (MT)\n10,000\n10,215\n10,271\nQ2 2022 Q1 2023 Q2 2023",
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      "text": "REO Production Volumes (MT)\n10,300\n10,671\n10,863\nQ2 2022 Q1 2023 Q2 2023",
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      "text": "Realized Price (1) ($/MT REO)\n$13,918\n$9,365\n$6,231\nQ2 2022 Q1 2023 Q2 2023",
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      "text": "2022\n2023\nStage II Related",
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      "text": "Realized pricing impacted by decline in market prices for NdPr; expect low teens percent decline in sequential realized price in Q3.",
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      "text": "Cost control in Stage I remains robust, with incremental investment in Stage II preparation and headcount as commissioning progresses.",
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      "text": "Sales volumes driven by higher production offset by the charging of additional Stage II circuits; ~1/3 of expected concentrate consumption into midstream circuits occurred as of June 30.",
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      "kind": "paragraph",
      "text": "Highest concentrate production in a quarter with a planned maintenance shutdown.",
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      "text": "1. Realized price per REO MT is calculated as the quotient of: (i) our GAAP product sales for a given period and (ii) our REO sales volume for the same period.\n2. See Appendix for calculation of production cost per REO MT, which includes the non-GAAP financial measure, Production Costs. See Appendix for a reconciliation of Production Costs (non-GAAP) to Cost of sales (GAAP). In\ncompleting the transition to separated rare earth products, we may determine that production cost per REO MT, which is a metric focused solely on Stage I concentrate operations, and consequently, Production Costs, are no longer\nmeaningful in evaluating and understanding our business or operating results.",
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