This part of the quarterly below was compelling for me The parts...

This part of the quarterly below was compelling for me
The parts in bold type suggest to me that the board will consider any proposal that maximizes shareholder value. It also suggests that they see a substantial rerating of ARR after reaching certain near-term operational milestones to quote their words.
Near term suggests to me that we may possibly see another offer come in by year end either for just Halleck or the whole company, I remain suspicious of the reasons for the two high profile well connected directors resigning after a short tenure with scant commentary from the ARR board. To me it suggests they could have some connections to a party or parties likely to make a bid for Halleck or all of ARR. I see a rerate of the ARR price by year end.
A full takeover would maximize value for the offeror as there are so many undervalued assets outside of Halleck.

Quarterly
On 26 April 2024, the Company announced that it had received an indicative, conditional and non-binding proposal from a NASDAQ-listed Special Purpose Acquisition Company (“SPAC”) to acquire, by an issue of shares, the Company’s 100% owned subsidiary Wyoming Rare (USA) Inc, which holds the Company’s 2.34 billion tonne Halleck Creek Rare Earth Project (“Halleck Creek”). The proposal would have resulted in Wyoming Rare (USA) Inc. being listed (via a combination) with the SPAC as a separate entity on the NASDAQ Exchange in the USA.
The Board of ARR are aware of the potential benefits of this type of proposal, however are mindful of the significant potential of Halleck Creek, and the need to maximise returns to shareholders, while minimising dilution and declined to advance at the time.
The Board will continue to evaluate all strategic alternatives to ensure optimal returns to its shareholders, particularly after reaching certain near-term operational milestones that will provide investors further confidence in the significant value the Company believes is presented by Halleck Creek.