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      "text": "REO Production Volumes (MT) Q4 2022: 10,485; Q3 2023: 10,766; Q4 2023: 9,257",
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      "text": "Production Cost ($/MT REO) Q4 2022: $1,928 (~$325 Stage II Related); Q3 2023: $2,020 (~$410 Stage II Related); Q4 2023: $2,393 (~$290 Stage II Related)",
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      "text": "Realized pricing declined with lower NdPr market prices; expect mid-teens % sequential decline in Q1.",
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      "text": "Comparable Operational Metrics – Sequential and Year-over-Year",
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      "text": "NdPr production tripled; strong progress securing metallization capacity and qualifying product with customers.",
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      "text": "2. See Appendix for the 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). Beginning with the first quarter of 2024, we will no longer present Production Cost per REO MT (and consequently, Production Costs), which is a metric focused solely on Stage I concentrate operations, as it will no longer be meaningful in evaluating and understanding our business or operating results.",
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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 during the fourth quarter of 2022.",
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