"Pretty much stating what is obvious to many so a query is - Is the majority of this news about MRE and carbonatite potential already factored into the SP? Market reaction today suggests this may, in part, be the case. Doesn't help that overall market sentiment and liquidity to move SP on fundamentals is probably lacking. Did WA1's discovery drain market enthusiasm."
It's a bit of all of the above:
- Some of its' already factored in.
- Grades remain unclear.
- The psychology of moving from the single digit cents to the double digits cents and there is often some mucking about if it's not a clear escape velocity.
- Overall market sentiment / weariness / time of year / state of the world.
- Part of the cycle of "flavour of the month / week / day". DRE had a very good go, then it was WA1, then WA1's neighbours had a sniff, then it was someone else whose name I forget, then ARU had a bit of another run, then... then... etc etc. Next week... next month... the week after that... the following day...
- The explosion of investment choices of RE now. Clay prospects absolutely everywhere. Sands about to make a push with a couple of listings. Though fewer hard rocks about, some new ones are starting to poke up and there will be more - there are almost certainly other as yet undiscovered carb. bodies out there. Maybe not all Mt Welds, but eh. There's really a case for some consolidation in the RE sector.
- RE is a tricky investment. There's no developed clay industry, sands are battling their way through to notice and there's only one RE hard rock project in currently mining in Australia. In terms of RE grades, it's the one currently being mined and then everyone else. Shout out to the second highest grade project.
- RE is not lithium (or a bunch of other stuff where actual volume demand varies between significant, staggering and unable to be filled) and I say this as someone who follows RE pretty closely. Lanthanoids are important but in the very grand scheme of all things, it's still a bit niche. We really don't see large players falling over themselves to get in the RE game. It will pick up a bit more in the coming years, but it's still a touch early.
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