Ann: NSW Mining and Exploration Conference Presentation 2022, page-50

I agree as to a relatively weak IRR. However, I assume that you mean mining projects in general rather than those specific to REE. ILU plans to build a REE refinery in WA and PEK has been desperately trying to do so for several years with a mine in Tanzania and refinery in England.
There are a quite a few exploration companies on the ASX that have REE prospects both in Australia and overseas. Additionally, there is a privately held company with a deposit in Victoria that can be classified as being at development stage and which may well end up listed on the ASX.
Of course, whether one thinks the ASM IRR is acceptable does depend on what pricing one assigns to REE products a few years out. Some REE metals are classified as strategic these days and so there is attention paid to sources outside of China and Russia.
Whatever investment position one takes, it needs to recognise that it will be several years before ASM can get Dubbo into production once a FID is made.