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      "text": "REO Production Volumes (MT) Q3 2022: 10,886 Q2 2023: 10,863 Q3 2023: 10,766",
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      "text": "Realized Price(1) ($/MT REO) Q3 2022: $11,636 Q2 2023: $6,231 Q3 2023: $5,718",
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      "text": "NdPr Production Volumes(3) (MT) Q3 2022: N/A Q2 2023: N/A Q3 2023: 50",
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      "text": "Production Cost(2) ($/MT REO) Q3 2022: $1,653 (+$230) Q2 2023: $1,938 (+$320) Q3 2023: $2,020 (+$410)",
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      "text": "REO Sales Volumes (MT) Q3 2022: 10,676 Q2 2023: 10,271 Q3 2023: 9,177",
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      "text": "2022 2023 Stage II Related",
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      "text": "Sales volumes driven by the charging of additional Stage II circuits which is now complete, offset slightly by favorable timing of shipments",
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      "text": "Realized pricing impacted by decline in market prices for NdPr; expect flattish sequential realized price in Q4",
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      "text": "Cost control in Stage I remains robust, with incremental investment in Stage II commissioning and related headcount.",
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      "text": "Continued strong Stage I production",
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      "text": "Initial NdPr production underway with first shipments made to Southeast Asia for metallization.",
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      "text": "1. Realized Price per REO MT is calculated as the quotient of: (i) our GAAP rare earth concentrate sales for a given period and (ii) our REO Sales Volume for the same period.",
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      "text": "3. N/A = Not Applicable as there was no NdPr production in these periods.",
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      "text": "2. 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 completing 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 meaningful in evaluating and understanding our business or operating results.",
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