Whilst all this has been great progress for IXR, painfully putting the pieces slowly together; the only thing that will get it back to 5c or more is REE prices moving back up to at least half of the highs of late 2021/early 2022...not even the mining license dropping today or tomorrow or next week will create a sustainabile rise, because we all know it will get to mining eventually once the govt get their side sorted, but then it will need substantial funding (non-issue but a reality) and the markets know this, so in order to sustain at 5c and higher the market needs confidence back in higher REE prices which are slowly rising but stalling and the market is waiting for that to go first.
The Adamas forecasts have been out for over a year and are a great indicator, problem is things change along the way and hype can only sustain so long before markets get bored and move on (case in point here with IXR having little volume/$$ traded each day). I still believe in those forecasts from Adamas, the data is there to back it up in the demand to come and diversification of supply away from China, but the REE price recovery has been slow and the market is wanting to see evidence first on the REE prices moving up before jumping back in or if there's an official non-china pricing market established; which there's chatter about but nothing really of merit.
Likely some shorts covered today and a few who sold off last week bought back, the frustrating thing with IXR from a day to day trading perspective is the lack of follow through on these moves the next day, so will this week finally be different and break past the 2.7c resistance and into the 3c level?
The chart looks primed but it's looked primed for the last 9 months on the daily and weekly, but each time sees push back from what seems some short sellers continuously knocking it back mixed with profit takers and not enough substance to create confidence in new investors to buy and outweigh the sellers.
If the Mining License granted can align with REE prices rising signficantly or at least showing signs of a solid recovery and uptrend then definitely will see a re-rate in IXR, but until then this is just noise and a few traders moving in and out that won't sustain the prices.
A demo plant in the US will go a long way but they've been talking about analysing sites for US locations for a year and same for acquiring the other 40% of the project from RRM, who by the way actually don't own the whole 40% which I recently only discovered that RRM officially own 37.5% and IXR has 60% but there's 2.5% missing on the official register, which if anyone has any information on that would be great to hear!
https://miningdataonline.com/property/1819/Makuutu-Project.aspx#:~:text=Rare%20Earth%20Elements%20Africa%20Proprietary%20Ltd.&text=The%20Makuutu%20Rare%20Earth%20Elements,Uganda%20registered%20private%20limited%20company.
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