Ann: Quarterly Activities Report June 2023, page-7

You mean like CCP subsidizing their Mongolian mines to keep China in control of the RE market ? Buying at slightly higher prices from local project rather then from Chinese supplier may look like subsidizing but if it helps to cap the Chinese prices and more importantly stops them from throwing a tanty and blocking supplies like they did in 2010 with Japan is that really subsidizing ? Of course it is all about politics. Perhaps you were under the impression the only reason Japan is buying from LYC is because they are the cheapest supplier of NdPr on the market and they buy the remaining 70% of their needs from CCP because LYC can't supply them enough material ? Even the 50% drop in prices over the past year was all about politics with CCP trying to prolong their control of RE market rather then as a result of supply and demand.