Ann: AirGuide Advisory Appointed as Strategic Advisor, page-106

REE Chinese listed companies
USD MC SOM
China Rare Earth Holdings Ltd. (0769.Hong Kong) $913.26m 2,341.70m

JL Mag Rare-Earth Co. Ltd. (300748.Shenzhen) $15,887.89m 413.42m

China Northern Rare Earth Group High-Tech Co. Ltd. (600111.Shanghai) $36,693.96m 3,633.07m

Xiamen Tungsten Co. Ltd. (600549.Shanghai) $18,208.30m 1,406.05m

China Minmetals Rare Earth Co. Ltd. (000831.Shenzhen) $11,702.01m 980.89

The Australian rare earth companies are all hard rock with massive OPEX and CAPEX. These Chinese groups are your comparisons as they are all clay based. I suggest you look at reuters etc..and read up on them.
https://www.reuters.com/companies/000831.SZ

China Rare Earth Holdings Limited is a Hong Kong-based investment holding company engaged in the manufacture and sales of rare earth and refractory products. The Company mainly operates through two segments. Rare Earth segment is engaged in the manufacture and sales of rare earth products. The rare earth products include metal oxides and fluorescent products, such as phosphor for lamps, yttrium oxide phosphor grade and yttrium europium oxide phosphor grade, among others. Refractory segment is engaged in the manufacture and sales of refractory products. The refractory products include high temperature ceramics products and magnesium grains. The Company operates businesses in China, European countries, Japan and America, among others.

Here is an excerpt I have taken from University of Toronto doc:
http://www.eurare.eu/docs/eres2014/fifthSession/VladimirosPapangelakis.pdf
Although ion‐adsorption clay deposits are substantially lower grade than other types of lanthanide sources, the lower grade is largely offset by the easier mining and processing, costs, and the very low content of radioactive elements (normally associated with yttrium). These deposits are mined by open‐pit methods and no ore beneficiation is required. A simple leach using monovalent sulphate or chloride salt solutions at ambient temperature can produce a high‐grade REO product.8,9,10

So if you look at the fact that the USA and China trade war and the fact that China will run short of rare earth minerals by 2030 I would say there is a good chance that USA will look into beating China to this deposit. You might even say this could be a very strategic deposit. It is just a guess but as 8horse has pointed out AVZ had problems dealing with the Chinese as they consistently go low on offers and pricing. It also has taken 2-3 years to do the metallurgy where as OVL will only take months.

Now if you look at these companies above just look at the Market Caps. Massive eh! Not saying OVL will go that high but for sure there is plenty of upside to what the current MC/SP sits at.

https://www.reuters.com/article/chi...t-since-dec-easing-supply-fears-idUSL4N2541B4

https://www.bloomberg.com/news/arti...rare-earth-reserves-may-last-only-15-20-years

This is from a recent Roskill presentation

And this one from Toronto Uni