Ann: Mining the Territory Presentation, page-23

The spot price of neodymium and the share price of arafura are two completely seperate things is the only answer I can give you. The SP of ARU is probably more set based upon what the longer term sentiment is for not just spot neodymium price but on neodymium demand coupled with the prevailing sentiment to a) decarbonise or energy (requires more magnets/neodymium) and b) secure our supply chain for that decarbonisation. My personal opinion is that the arafura share price is more tied to the sentiment related to b than to a. Hope that helps. Just my 2c