Ann: Conditional approval for up to US$150m from KEXIM, page-27

It was not risk that Lynas progressed - it was politically instrumented when Japan detained a captain/crew of a Chinese fishing vessel that Beijing then imposed RE export bans to Japan - who then backed Lynas in or they most likely would not have progressed.
It is that geopolitical situation - even to a much higher degree current day and next decades that is ensuring ARU progress - but not only progress but thrive through multiple Tier 1 global governments support - not just one but four. Without the previous years of ARU "slow" progress - large expenditure - ARU would not have been in the position it is today to be one of the first ex China large scale RE supplier outside of Lynas. That is substantial and will be reflected in SP in due course.