Ann: Peak and Shenghe Sign Offtake and Strategic Co-operation MOU, page-129

Correction. By which time Lynas, Mountain Pass, Pensana, and possibly Round Top should have their refineries operational. There are no guarantees. There is also no certainty that those refineries will be ready to accept third party ore (ie: that they will have the spare capacity to take it in at the time Ngualla is ready to ship), nor that they will be able to handle the specific ore Peak is producing. Mountain Pass should be able to, since they're both bastnaesite; Longonjo and Mt Weld appear to be primarily monazite; and Round Top is rhyloites and pegmatites. The differing chemistries make me question just how useful they would be in refining the minerals from Ngualla.

Note that I'm not saying that these companies couldn't take in Ngualla's ore and refine it. I'm only saying that it isn't as simple as "oh, this company has/will have a rare earth refinery; it'll be able to take in the concentrate" - the chemistry of the minerals matters, and you need to show that a given refinery will be able to handle the chemistry of Ngualla's ore before you can reasonably say "we can send the ore over to them, it'll be fine". Worth investigating as an option? Sure. A slam dunk? Nope. Not even close. Not at this stage of the game with the information that's at hand.

Yes, I'm being picky and pedantic on this point. That's because we're at the pointy end where these details matter. They can't simply be handwaved away in the way that they could have been early in the game. It does the company no good to pursue an "opportunity" that ends up being a dead end because the due diligence wasn't done early enough.