Spotlight on American Rare Earths, page-6073

I agree Blue
ARR cant be viewed through an entirely orthodox lens of financial analysis as the REE industry has now become weaponized.
The Defence production Act See below is already in place to allow the USA Govt to pour billions into the REE industry to protect the supply of critical minerals vital to the nations security. The Chinese model of pouring billions of Government money into an industry regardless of profitability to establish sovereign dominance will be employed.
I believe the time frame for ARR to establish a mine will be much shorter than currently estimated. Also it has been hinted that ARR could be part of a vertical integration of a processing facility and a magnet manufacturer.
Marty Weems the previous CEO frequently talked about ARR 's journey from mines to magnets.

The Defense Production Act played a vital role in the establishment of the domestic aluminum and titanium industries in the 1950s. Using the act, Department of Defense provided capital and interest-free loans, and directed mining and manufacturing resources as well as skilled laborers to these two processing industries.[20][21] The DPA was also used in the 1950s to ensure that government-funded industries were geographically dispersed across the United States to prevent the industrial base from being destroyed by a single nuclear attack. During the late 1960s and early 1970s, the DPA increasingly was used to diversify the US energy mix by funding the trans-Alaskan pipeline, the US synthetic fuels corporation, and research into liquefied natural gas.[22]