"Patience is a Super Power" - "The Money is in the waiting"
Showing posts with label USA. Show all posts
Showing posts with label USA. Show all posts

Saturday, August 16, 2025

If North American consolidation in the REE/Li market is in the cards, AVL looks to be a consolidation lottery ticket!

 

 

Avalon Advanced Materials (TSX: AVL)

Consolidation Driver in the North American REE & Lithium Markets

(Some penny stocks shouldn't be overlooked. I believe AVL is one of those)


1. Strategic Position in REEs

  • Nechalacho Project (NWT, Canada):

    • One of the most advanced REE deposits in North America.

    • 2013 DFS gave an after-tax NPV of ~USD $900M (~C$1.2B).

    • Contains both light and heavy REEs critical for defense, communications, and EV motors.

    • Currently split with Vital Metals (North T Zone) → clear consolidation target for a single operator.

  • AVL’s Basal Zone holds the majority of resources, positioning the company as a natural consolidator or takeover target.


2. Strategic Position in Lithium

https://www.vmcdn.ca/f/files/nob/avalon-advanced-materials-thunder-bay-site-sign-2.png%3Bw%3D960https://www.vmcdn.ca/f/files/nob/avalon-thunder-bay-site-placement-map.png%3Bw%3D960
  • Thunder Bay Lithium Hydroxide Facility (Ontario):

    • 2024 PEA showed C$4.1B after-tax NPV and 48% IRR.

    • Only planned midstream processing hub linking Ontario/Northern lithium deposits with Southern Ontario EV/battery manufacturing.

    • A rare “ready-made” piece of infrastructure for OEMs or lithium miners seeking to capture IRA credits.

  • Lithium Deposits: Separation Rapids (Kenora), Snowbank, and Lilypad → resource pipeline for Thunder Bay facility.


3. Why Avalon is a Consolidation Prize

  • Few companies combine REE + lithium assets in one portfolio.

  • AVL offers both upstream resources (REEs, lithium deposits) and midstream processing (Thunder Bay).

  • Consolidating AVL allows a buyer to secure:

    • Long-life REE supply (Nechalacho).

    • A North American lithium hydroxide plant.

    • Eligibility for U.S./Canadian government incentives under the IRA and Canadian Critical Minerals Strategy.


4. Potential Suitors & Rationale

  • Critical Metals (CRML): Synergy with Tanbreez (Greenland); cross-Atlantic REE strategy.

  • Vital Metals (VML): Logical consolidator of Nechalacho (eliminate split ownership).

  • MP Materials (MP): U.S. REE giant; Avalon secures Canadian REE + lithium foothold.

  • Lynas Rare Earths (LYC): Expansion into North America to diversify from Australia.

  • Lithium Americas / Piedmont Lithium: Thunder Bay plant is the missing midstream link.

  • Tesla, GM, Ford: Direct EV/battery makers securing feedstock & processing capacity.


5. Buyout Valuation & Escalation Potential

  • Current Market Cap: ~C$22–25M (@ ~C$0.04/share).

  • Risk-adjusted strategic value: ~C$300–600M (C$0.50–0.85/share).

  • Likely opening bid: ~C$1/share (~C$637M).

  • If multiple suitors compete: Escalation toward C$1.75–2.10/share (~C$1.1–1.3B).

  • Extreme scenario (Tesla/MP with gov’t backing): Possible bid north of C$2/share if Thunder Bay DFS confirms economics + IRA/Defense contracts lock in demand.


6. Investment Thesis

  • Underappreciated value: Market assigns only ~C$25M to assets with multi-billion NPVs.

  • Strategic location: Canada = politically secure jurisdiction, aligned with U.S. supply-chain policies.

  • Consolidation catalyst: Split ownership at Nechalacho and fragmented lithium supply chain make AVL a natural acquisition target.

  • Bidding war potential: With REE + lithium both on the strategic critical list, more than one suitor is almost inevitable.


Conclusion

Avalon (AVL) is grossly undervalued relative to its assets. From a consolidation standpoint, it represents one of the few opportunities for REE and lithium players to secure a vertically integrated North American platform.

  • Entry today (~C$0.04/share) offers exposure to a potential 25×–50× re-rating if a takeover unfolds.

  • A realistic acquisition could settle around C$1–1.25/share, with upside to C$2/share in a competitive bidding war.


πŸ‘‰ In short: AVL is a textbook “strategic consolidation play” in the REE market, with built-in lithium upside. The mismatch between current valuation and strategic value makes it highly attractive for patient investors — and a natural spark for a bidding war.


The three most likely suitors (MP Materials, Lynas, and CRML) would gain by acquiring Avalon Advanced Materials (AVL), and that could push bidding toward the C$2/share mark.


Takeover Case Comparison: Who Benefits Most from Buying Avalon (AVL)?


1. MP Materials (NYSE: MP)

Profile: Largest U.S. REE producer (Mountain Pass, California), backed by U.S. defense and IRA policies.

What They Gain From AVL:

  • Nechalacho REE deposit: Adds a second North American REE source, diversifying away from Mountain Pass.

  • Thunder Bay lithium hydroxide facility: Midstream processing capacity in Canada → critical for EV battery OEM contracts.

  • Canadian footprint: Strengthens IRA eligibility and helps qualify U.S. automakers for mineral sourcing credits.

  • Geopolitical leverage: Control over both U.S. and Canadian REEs makes MP the undisputed North American champion.

Why They Might Pay Up:

  • MP has the balance sheet (US$5B+ market cap) and political support to pay C$1.50–2.00/share for AVL if it locks out Lynas or CRML and secures Canada as a “REE & lithium fortress.”


2. Lynas Rare Earths (ASX: LYC)

Profile: World’s largest REE producer outside China (Mount Weld mine, Australia), with Japanese government support.

What They Gain From AVL:

  • Nechalacho REE deposit: A second production center outside Australia → diversification + North America expansion.

  • Thunder Bay facility: Processing hub ties them into the EV battery value chain — an area where Lynas currently lacks direct presence.

  • Strategic partnerships: Japanese offtakers (Toyota, Sojitz, JOGMEC) could be extended into Canada.

  • Geopolitical insurance: A hedge against China disruptions and over-reliance on Australia/Malaysia operations.

Why They Might Pay Up:

  • Lynas is under pressure to expand capacity in Western-friendly jurisdictions.

  • Could justify C$1.25–1.75/share, possibly more if MP enters the bidding.


3. Critical Metals Corp. (NASDAQ: CRML)

Profile: Developer of the Tanbreez REE project in Greenland, currently advancing a Definitive Feasibility Study (DFS).

What They Gain From AVL:

  • Nechalacho REE deposit: Complements Tanbreez, giving CRML two of the world’s largest non-China REE resources.

  • Thunder Bay facility: Instant midstream processing — CRML’s missing piece for vertical integration.

  • Lithium exposure: Expands portfolio beyond REEs, adding lithium hydroxide production → higher relevance to EV/battery markets.

  • U.S./Canadian critical minerals politics: Strengthens case for DOE/DoD funding, partnerships, and offtake deals.

Why They Might Pay Up:

  • CRML is smaller than MP or Lynas, so financing a C$1–2/share bid would require partnerships or equity raises.

  • But the strategic synergy is enormous — owning both Tanbreez and Nechalacho could make CRML a takeover target itself later.

  • Likely to bid in the C$1.00–1.25/share range, but might stretch higher if MP/Lynas enter the fight.


Who Would Push the Bidding War Toward $2?

  • MP Materials: Most likely, because of financial capacity and U.S. strategic interest.

  • Tesla or GM/Ford (dark horses): If they step in for vertical integration and secure lithium hydroxide, they could shock the market with a C$2+ bid.

  • Lynas: Would bid aggressively if threatened by MP’s Canadian expansion.

  • CRML: May trigger the bidding, but less likely to win against giants without financial partners.


Investment Takeaway

  • AVL’s unique REE + lithium + midstream combo makes it the only Canadian consolidator play with immediate strategic relevance.

  • Base case: Takeover at C$1–1.25/share (C$637M–800M).

  • Bidding war case: Escalation to C$1.75–2.00/share (~C$1.1–1.3B).

  • Extreme upside: If OEMs or governments step in, C$2.50–3.00/share is possible, though less likely until DFS updates are complete.


πŸ‘‰ This is why AVL at ~C$0.04 today looks like a consolidation lottery ticket



the downside is limited, but the upside is multiples higher if a bidding war ignites

Ed Note: Disclosure: We've been acquiring shares in AVL UCU CRML

Related Articles:

REEs are critical to all cutting edge technologies now and early investors should be rewarded! We just took a small position in our 4th REE stock-CRML


Thursday, August 14, 2025

What is the overall value of Ucore Rare Metals if suitors (such as MP Materials) come looking?

 


Short answer: a defensible sum-of-the-parts range today is roughly US$0.7B–US$1.1B,

with very large upside if REE prices re-rate or if LA-SMC reaches full scale on robust offtakes.

How I get there (quick SOTP)

  • Bokan–Dotson Ridge (Alaska) — “in-ground”/contained oxide value (GMV):

    • The 2013 NI-43-101 PEA plans ~20,104 t of recovered REO over 11 years (incl. ~889 t Dy₂O₃ and 133 t Tb₂O₃). Using current spot/average oxide prices (USGS 2024 averages for Nd/Dy/Tb and Metal.com for others), that contained basket is about US$0.65B; using the new DoD-anchored Nd/Pr floor price of $110/kg raises it to ~US$0.80–0.85B. ucore.com+1U.S. Geological SurveyMetal.com+2Metal.com+2

    • For context only, the original PEA (using 2009–2012 price deck) showed post-tax NPV10 ≈ US$368M and pre-tax NPV10 ≈ US$577M; that price deck implied a GMV ≈ US$2.55B, far higher than today’s market. ucore.com

  • LA-SMC (Alexandria, Louisiana) — strategic separations facility:


    • Capacity plan: 2,000 t/y TREO in 2026 → 5,000 t/y in 2027 → 7,500 t/y targeted for 2028.

    • Capital & support: Phase-1 CAPEX ~US$50M plus ~US$30M commissioning feedstock; Louisiana’s incentive package totals ~US$15M; U.S. DoD funding includes US$4M (demo) and US$18.4M (scale-up Phase 2). On a replacement-cost/strategic-scarcity basis that supports a US$75–US$225M facility value today (before signed long-term offtakes). ucore.com+2ucore.com+2Metal Tech News

  • Strategic backdrop (why the premium): the DoD’s recent actions (e.g., a U.S. NdPr floor of ~$110/kg) and ex-China premiums for magnet materials improve the economics of non-China supply chains—directly supporting the case for domestic separation plants like LA-SMC. Barron'sMetal.comReuters

Putting it together (range logic)

  • Low case (today’s prices & cautious plant value): Bokan GMV ~US$0.65B + LA-SMC US$0.075B~US$0.73B. U.S. Geological SurveyMetal.com

  • Base case (DoD Nd/Pr floor & mid plant value): Bokan GMV ~US$0.80–0.85B + LA-SMC US$0.15–0.20B~US$0.95B–US$1.05B. Metal.comBarron's

  • High case (faster ramp/strong premiums): Bokan at higher basket prices + LA-SMC at the top of replacement/strategic range ⇒ ~US$1.1B+ (and much more only if prices revisit 2010–12 levels). ucore.com

Important caveats

  • GMV ≠ mine value. It ignores operating costs, sustaining capex, taxes, recoveries, and timing. The PEA’s post-tax NPV10 ≈ US$368M (2012 prices) is the best apples-to-apples project-economic anchor until Ucore files an updated study. ucore.com

  • LA-SMC’s value hinges on execution: feedstock contracts, customer offtakes, and realized separation margins (non-China margins are historically slim without policy support). Reuters

If I put myself in MP Materials’ boardroom shoes and treat Ucore as a strategic acquisition (not just a discounted DCF buy), the “top price” would hinge on three intertwined drivers:

  1. Strategic value premium – locking down U.S.-controlled heavy rare earths (Dy, Tb) and a separation plant in Louisiana, which MP currently lacks in that scale outside its own Mountain Pass light REO focus.

  2. Replacement cost vs. scarcity – it’s not just “what’s it worth now,” but “what would it cost and how long would it take to replicate?” The answer is 7–10 years for a comparable HREE mine, and 3–5 years for a fully permitted and funded separation facility.

  3. Synergy value – LA-SMC could run today on MP’s Mountain Pass feedstock or third-party contracts, and Bokan could feed MP’s magnet material output in later years.


Offer math from MP’s POV

We can run this two ways:

A. Pure project economics + modest premium (conservative)

  • Base-case intrinsic (NPV10 for Bokan + LA-SMC PV) = ~US$450–550M.

  • Add 30–40% control premium typical in mining M&A.

  • Indicative “top” = ~US$600–750M.

B. Strategic scarcity + policy premium (aggressive)

  • Start from Bokan in-ground basket value (~US$0.80–0.85B) + LA-SMC strategic value (~US$150–200M).

  • Apply a 15–25% premium for time advantage and geopolitical insurance (MP secures domestic HREEs, keeps them from competitors like Lynas or Energy Fuels).

  • Indicative “top” = ~US$1.05–1.15B.


Where MP would likely settle

Realistically, MP would probably aim below $1B unless:

  • HREE prices spike (Dy, Tb, Nd/Pr all ↑ 30–50%+),

  • or competing bidders (Lynas, Energy Fuels, or a defense-backed fund) enter the room.

Given current market conditions, I think MP’s walk-away ceiling might be ~US$900M–950M, but they’d start a bid much lower, possibly in the $500–600M range to test Ucore’s resolve.


1. Ucore's Current Market Price

Let's work with the OTC price of US$2.02, since MP Materials would most likely deal in U.S. dollars via a U.S.-focused acquisition transaction.


2. Ucore’s Current Market Capitalization

Using the OTC price:


3. Estimated “Top Price” Offer Value

From our earlier discussion, the “top price” offer from MP Materials could realistically range between US$900 million and US$1.15 billion, depending on strategic synergies, execution risk, and market conditions.


4. Calculating the Premium Over Market Value

To find the implied premium:

Offer Price (USD)Implied Premium Over Market Cap
US$900 million= (900 ÷ 189 – 1) ≈ +376%
US$1.05 billion+456%
US$1.15 billion+509%

So, MP Materials would be paying roughly 3.8× to over 5× the current market capitalization of Ucore.


5. Context—Is That a Reasonable Premium?

  • In the mining and strategic minerals sector, especially when the target controls critical, non-China rare earth assets, premiums of 300–500% are not unheard of—provided the buyer is securing supply security, technological capability, or strategic infrastructure that’s difficult or time-consuming to replicate.

  • That said, for shareholders of Ucore, such an offer (in that 3.8×–5× range) would represent a powerful value realization opportunity—assuming the deal is credible and fully financed.


Summary

If MP Materials were to make an all-cash offer for Ucore, paying up to US$1.05–1.15 billion, that implies a premium of about 450% to over 500% above Ucore’s current market capitalization of ~US$189 million (based on a US$2.02 share price).

In other words: a 3.8×–5× premium—a substantial but arguably justifiable multiple given the strategic value of Ucore’s rare-earth resources and separation facility.


If Ucore Rare Metals were to attract acquisition interest, several entities—ranging from miners to technology firms—could emerge as plausible suitors. Here's a breakdown of the most compelling candidates and why they might be interested:


1. Lynas Rare Earths

Why they might bid:

  • As the world’s largest rare earth producer outside China, Lynas is already expanding its footprint—including building a heavy rare earths processing plant in Texas backed by US defense funding. A move to acquire Ucore would give it established separation tech (RapidSX™) and facilities in Louisiana, accelerating its domestic US capabilities.

  • Plus, post-DoD support for U.S. rare earth independence makes Lynas a logical player to consolidate assets.
    Ucore.com+12Yahoo Finance+12 Reuters+7

2. Energy Fuels

  • This U.S. company is already pivoting from uranium into rare earths. It’s commissioning a rare earth separation circuit at its White Mesa Mill in Utah and gaining monazite feed supplies via a Base Resources deal.

  • An acquisition of Ucore would add advanced separation tech and a strategic Louisiana facility to its vertically integrated vision.
    Crux Investor+1


3. Neo Performance Materials

  • A Canadian company with global operations in rare earth oxides, magnetic powders, and permanent magnets.

  • If Neo aims to bolster its North American processing footprint, Ucore’s RapidSX™ separation platform and Louisiana site could be attractive.
    Reuters+1 Rare Earth Exchanges+15Yahoo Finance+15


4. Solvay, Vacuumschmelze (via Ara Partners), or Other Western REE Processors

  • Solvay (France) is expanding rare earth oxide separation for magnets, aiming for 2025 launch.

  • Vacuumschmelze, backed by U.S. private equity (Ara Partners), is building a NdFeB magnet plant in South Carolina.

  • Both could see strategic value in adding Ucore’s U.S.-based separation tech to their supply chain.
    ReutersCrux Investor+1


5. ABx Group or Other Australian REE Miners

  • Ucore has already signed an MOU with ABx Group for offtake and potential investment in ABx’s Tasmanian ionic-adsorption clay REE project.

  • A deeper partnership or acquisition could be mutually beneficial—ABx gains downstream processing certainty, while Ucore strengthens its feedstock pipeline.
    Yahoo Finance+6Investing News Network (INN)+6Yahoo Finance+6


6. Rare Element Resources

  • A Wyoming-based REE miner developing the Bear Lodge project.

  • A merger scenario would create a vertically integrated player: Rare Element’s mining, Ucore’s separation, and even MP Materials’ magnet capabilities.
    Rare Earth Exchanges+8 Reuters+8


7. Phoenix Tailings and Defense-Aligned Investors

  • Phoenix Tailings, a U.S. REE processing startup, has attracted backing from BMW, Yamaha, and venture investors for its low-emission tech and upcoming U.S. facility.

  • While more of a peer than a suitor, joint ventures, licensing deals, or mutual consolidation for scaling could be on the table.
    Reuters


8. Chinese Entities (e.g., Shenghe Resources)

  • Shenghe is deeply embedded in the global REE market and owns a stake in MP Materials. Although geopolitical sensitivities make outright acquisition unlikely, financial investing or strategic partnerships can’t be fully ruled out.

  • Note: Canada has shown a willingness to block Chinese REE-related deals on national security grounds.
    Wikipedia


Summary Table

Potential SuitorStrategic Rationale
Lynas Rare EarthsRapidly scaling US processing; Louisiana facility synergistic
Energy FuelsBuilding a vertically integrated REE supply chain
Neo Performance MaterialsStrong global presence; would benefit from U.S. separation tech
Solvay / VacuumschmelzeWestern processors seeking U.S.-based capacity
ABx Group (Australia)Strengthen supply/offtake linkage and downstream investment opportunities
Rare Element ResourcesM&A to create a full domestic REE value chain
Phoenix Tailings / VC/Defence alliesPossible tech/joint ventures in low-emission processing
Shenghe ResourcesGeopolitically delicate—but financial or strategic interest remains possible

Final Thoughts

Given Ucore’s unique combination of advanced separation technology, DoD support, and a developing U.S. processing facility, it stands out as a strategic asset in the rare-earth sector’s race to de-risk from Chinese dominance. 

Acquirers with mining, processing, or defense-aligned profiles are most suited to be suitors.

Full Disclosure: We are Long Ucore, MP and AVL

Rare Earth Elements - Ucore Rare Metals Inc. - update!



Monday, July 28, 2025

Rare Earth Elements - Ucore Rare Metals Inc. - update!

 

Louisiana Rare Earth Separation plant being built

Ucore Rare Metals Inc.

Ticker: UURAF (OTCQX, USA) / UCU.V (TSXV)
Industry: Critical Materials / Rare Earth Elements
Headquarters: HQ, Nova Scotia, Canada
Website: www.ucore.com


🧩 Executive Summary

Ucore Rare Metals Inc. is a development-stage critical materials company positioned to become a key player in the North American rare earth supply chain. With the construction of its Louisiana Strategic Metals Complex (LA-SMC) and ownership of the Bokan-Dotson Ridge heavy rare earth deposit in Alaska, Ucore offers vertically integrated potential in a market currently dominated by Chinese supply chains.

Strategically backed by the U.S. Department of Defense (DoD) and the State of Louisiana, Ucore is building a rare earth separation facility using its proprietary RapidSX™ technology, a cleaner and more scalable alternative to traditional solvent extraction.


🧱 Business Model

πŸ“Œ Core Operations:

  1. Rare Earth Separation

    • LA-SMC facility in Alexandria, Louisiana

    • Based on RapidSX™ technology (modernized solvent-free REE separation)

    • Designed to process both light and heavy rare earth elements (REEs)

    • Target: 2,000–5,000 tonnes/year TREO separation by late 2026

  2. Upstream Resource Ownership

    • Bokan Mountain (Alaska): Contains a large concentration of heavy REEs like dysprosium and terbium

    • Potential to supply LA-SMC, enabling vertical integration

  3. Technology Licensing

    • Long-term potential to license RapidSX™ to other processors


πŸ§ͺ Technology Advantage: RapidSX™

FeatureTraditional Solvent ExtractionRapidSX™
Process TypeSolvent-heavy, slowSolvent-free, modular
Capital EfficiencyHighLower (smaller footprint)
ScalabilityLimitedFlexible/modular
Environmental ImpactSignificantReduced

RapidSX™ could make Ucore the lowest-cost producer of separated REEs in North America, pending commercial validation.


πŸ› ️ Project Pipeline & Government Support

πŸ‡ΊπŸ‡Έ LA Strategic Metals Complex (LA-SMC)

  • Location: England Airpark, Alexandria, Louisiana

  • Status: Under construction (groundbreaking in May 2025)

  • Commissioning target: H2 2026

  • Size: 80,800 sq ft

  • FTZ (Foreign Trade Zone) designation for tariff-free exports

  • DoD Grant Funding:

    • Phase 1: US $4 million

    • Phase 2: US $18.4 million (executed July 2025)

πŸ”️ Bokan-Dotson Ridge (Alaska)

  • One of North America's richest heavy REE deposits

  • 2023 updated mine plan includes low-impact underground extraction

  • Capable of supplying internal needs and external markets

🀝 Supply Agreements

  • Feedstock MOUs with:

    • ABx Group (Australia)

    • Meteoric Resources

    • Cyclic Materials (REE recycling)


πŸ“ˆ Financial Overview (as of mid-2025)

MetricValue/Estimate
Market Cap~$120 million USD
Share Price (UURAF)~$1.37 (July 27, 2025)
Revenue$0 (pre-revenue)
Cash PositionEst. ~$10–12 million
Burn Rate~$1.5–2 million/month
Earnings (TTM)–$4.7 million
P/E RatioN/A (loss-making)
Institutional Ownership~2.7%

⚠️ Financial Risk: Ucore will likely require additional equity raises or grants to stay solvent until commercial operations begin in 2026.


🏭 Strategic Positioning & Takeover Potential

Key Differentiators:

  • Only North American REE project combining:

    • Midstream separation (RapidSX™)

    • Government funding

    • Heavy REE deposit ownership (Alaska)

Likely Suitors:

  • MP Materials, Lynas Rare Earths, or Energy Fuels (expansion)

  • Defense primes (Raytheon, Lockheed) securing critical REE supply

  • EV/automotive OEMs (GM, Tesla) to de-risk magnet supply chains

  • U.S. private equity or industrial funds with national security focus

🧠 Assessment: Takeover becomes far more likely after LA-SMC is operational and revenue-generating in 2026+.


πŸ“Š Investment Outlook

πŸ”Ό Bull Case

  • Successfully commissions LA-SMC and validates RapidSX at scale

  • Secures long-term offtake agreements (e.g., with U.S. defense or EV supply chains)

  • Vertical integration with Bokan Mountain drives long-term margin expansion

  • U.S. gov't and DoD increase funding amid geopolitical pressure

πŸ”½ Bear Case

  • Operational delays or technical failures in RapidSX

  • Inability to raise sufficient capital to reach production

  • Larger competitors (e.g., MP Materials) outpace and undercut Ucore

  • Prolonged pre-revenue status deters investors


⚖️ SWOT Analysis

StrengthsWeaknesses
DoD & state supportPre-revenue, high burn rate
Exclusive separation technology (RapidSX)Illiquid OTC listing
Alaska REE depositExecution risk (construction, startup)
Strategic U.S. locationRequires ongoing funding
OpportunitiesThreats
Rare earth independence from ChinaMarket entry of bigger players
Defense, EV, and tech verticalsREE price volatility
First-mover U.S. separation facilityRegulatory/environmental delays

πŸ“Œ Final Recommendation: Speculative Buy (High Risk, High Reward)

Ucore is one of the only publicly traded rare-earth companies in North America with both upstream and downstream capabilities, government backing, and proprietary technology. Its 2026 commissioning window makes this a forward-looking investment that requires strong risk tolerance.

Investors looking for exposure to the critical minerals reshoring narrative — and willing to accept volatility and near-term dilution — may consider a small, speculative position. Upside potential strengthens significantly post-2026 upon successful commissioning and revenue generation.

The importance of Rare Earth Elements (REEs) used in technologies from Smart phones and AVs to National Defense and Space Tech, cannot be overstated!