Ann: High Quality, Mixed Rare Earth Carbonate Produced From Yin, page-225

Hey mate,

Best bet for HAS would probably be to look and see if any of DRE's Niobium crumbs have ventured onto their side of the border, like the REEs have.

Some bad luck for them (NdPr price getting smashed as they started getting deep into development, and not having another project to go to), coupled with some super bad Management (borrowing and investing $150M into another REE player).

Hard to see a $50M company, that has a $150M debt and paying/accruing $20M in interest on that debt per annum, getting the $300M+ (or whatever they have left to get) for development/mining.

Unless the NdPr price spikes back up, I can't see them doing anything, apart from handing over the keys to Twiggy?

Probably a much better scenario for DRE if it does go to Twiggy and obviously they would want Yin and the rest of the ironstones to feed the new plant. And then there's the carbonatite REEs/Niobium.

The $150M debt matures in August next year, so I guess they have until then for the NdPr price to spike and save them...which who knows, probably will happen, and they'll be valued a lot higher and able to raise/pay back the $150M, and their investment will also go up, and they will turn out to be big smarties?

I'm sort of hoping not, as I'd rather deal with FMG than HAS, but either way, DRE is by far the big(gest) REE brother in the area now and HAS is the little brother (and that's excluding the carbonatites), and whoever ends up building the processing plant will want DRE's REEs...and DRE can afford to wait until NdPr price recovers (or nice offers comes) as it has plenty of other irons in the fire.

Anyway, all just guesswork, and who knows what will happen tomorrow - certainly not the economists/other "experts" predicting things into the future.

Cheers,

GB.