Costs leading to F/S3 analysts reports can be consulted on Avalon website. The most recent one is the one from Secutor Capital Management. This report highlight cost incurred by Avalon to complete the steps leading to a feasibility study. These costs, along with the CAPEX could maybe explain why the REE project of Avalon was apparently put on the sideline while waiting for a recovery in the REE sector: "April 2013 Feasibility Study Avalon has invested over $100 million to date in taking the project through completion of a feasibility study released in April 2013. In the study, sales of five critical REEs (neodymium, europium, terbium, dysprosium and yttrium) account for over 82% of revenues, with the lower value LREES lanthanum and cerium representing less than 4.5% of total revenues. Initial capital expenditures are estimated at $1.5 billion. At the then elevated REE prices, the project was estimated to generate a net present value discounted at 10% of $900 million and an internal rate of return of 19.6%, both on an after-tax basis." Moulouk