Ann: Donald S. Swartz II named new CEO of American Rare Earths, page-18

Cults actually do make money, as do the people that profit off exposing their inner workings. Take that as you will.

In respect to the current valuation of ARR, I don't know that the company or its management could really value add any more than what they have already. Comms have been timely and informative, they make rational and investor focused decisions, they stated their intent was to focus on growth into being a producer, but they don't overstate their product or the strategies to leverage a world class asset into a market leading company in its sector. Never once have they used language that wasn't tempered with "potentially".

They have only just completed a Maiden JORC and exploration is ongoing. They are therefore valued as any other explorer at this stage of the pathways to producer. A couple of peers in the rare earth/battery materials business are all sitting just above 12 month lows, which are substantially lower than the 12 month highs. We are no different. Things will change as the project is derisked, and true to form, ARR are doing the company making/building activities now with key appointments rather than waiting until they have the project shovel ready to start putting people in leadership positions.

I can't fault them.

Sure, this CEO doesn't have the pedigree of some others, but he's not at an age where he's in this for a lifestyle role either. And lets be honest, Twiggy Forrest didn't have anything more in credentials or experience when he stepped into Fortescue. What he had was rights to mine a lot of something that was in the ground but wasn't in huge demand at the time but very soon became exponentially so. Different sectors, but the materials game is the same - how much you have, how much it costs you to get it out, how much competitors have and their cost to extract it, and how much someone is willing to pay for it. I have seen nothing that says there are thousands out there in the REE exploration game that have what we have, we are in rare air in the rare earths game in my opinion. It is just a matter of waiting for it to come together and when it does, it won't be at this price.