The real short answer is, REE clays are large tonnage but very low in-ground value (think sub 0.3 g/t gold) so you need cheap extraction (mets) to make it work.
For example two established listed companies (but redacted tickers to avoid advertising moderation):
Company A, Australia, 119 Mt at 1,632 ppm TREO grade. pH 0 mets. $5m market cap.
Company B, Brazil, 545 Mt at 2,561 ppm TREO grade. pH 4mets. $370m market cap.
Mets largely explain why one of the above is 73,000% higher valuation over the other.
Ann: Drilling Delivers More Record REE Intersections at Jupiter, page-81
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