STRONG UPWARD MOMENTUM, page-21

I'm not convinced about the TO potential personally, although big in rare earths it's still fairly small as far as those but players are concerned. In terms of a TO defense the best defense is rapid progress, high SP and some sort of interwound JV for downstream, tying together the deposit through a three-way between VMM, MEI and IXR imho would be the best TO defense they could all build (if that's what they want to do). TOs usually kinda suck as they're usually a lot lower than the value you think they can get to in production. Do agree with the other comments tho.