Ann: Peak secures BFS funding for Ngualla Rare Earth Project, page-31

Spin. They've secured funding, which is positive news. But the price they're paying to get that funding is - in my book - extraordinarily high. The company has basically handed over half of the project - which the company themselves had valued at one billion dollars net present value in the PFS - for twenty five million dollars.

I'm struggling to see how that is good news, and it seems that the market as a whole has the same problem.

As I said earlier, I'd love somebody to show me how I'm wrong in my assessment of this news. But the more I think about it, the more my inclination is shifting towards cutting my losses and shifting my funds elsewhere. I'm not there yet, but any movement seems to be more certainty in that course, rather than less.

Please. Tell me how I'm wrong, and how management has pulled off a masterstroke, because right now, I desperately need to know what I've missed.