Ann: ACQUISITION OF POTENTIAL WORLD CLASS IONIC CLAY REE PROJECT, page-106

The market doesn't care. Current NdPr spot prices are moot for an exploration project as these are wildly subject to change till development phase.

The exploration phase when economic deposits are identified and delineated is when the majority of share price appreciation happens.

Your arguments are being ignored by the market. You can argue spot prices and supply/demand till the cows come home but it won't make an iota of difference. This applies to every commodity sector in the exploration phase and is not unique to rare earths.