Arafura Rare Earths Ltd, page-616

Bottom line is companies no deliver then they will not be in instos sights.
ARU were perfect target. The sector went on the nose - failure to deliver on timelines - high SOI and of course any junior requires institutional support and we got that in Dec 22 and since - well pretty obvious.
Things will turn when management deliver but more importantly when they commission Nolan's and ramp to full production. Talk of phase 2 is interesting sideshow and yes the first stage always hardest but seriously management have not delivered anything yet so we wait some more time then the critical derisking arrives with finance then arrives again with project execution on time and budget. Once done and we ramp up production aka Lynas and Vulcan recently it's a very big returns for investors that took the early stressful journey.