Ann: Quarterly Report Teleconference, page-2

During the telecon Q&A, Amanda twice went out of her way to make a point to be of saying that Japan was moving ahead with REE tech because they have supply security.

"But every magnet maker in Japan has put on capacity in the last 12 months. So there is real demand growth. And I think that as we look at this, and when we meet with OEMs in the automotive sector all over the world, the Japanese OEMs are moving confidently forward with new technologies and particularly new technologies using rare earth because they are very confident about their supply."

The second time, as she waved off ausheds China-related commentary:
"But actually, the next biggest market for rare earths in the world is Japan. Japanese customers are confidently using rare earth materials because they're confident in their supply chain."

Ok, so here's the thing. In December 2017, plans indicated Mt Weld reserves would run out in 2031.  That is not not not a reason for Japanese confidence.  And they can't be taking about Chinese supplies. And they can't be taking about sea bed muds or thorium-laced monazite.

So where's this "confident confidence" coming from???

Just maybe a peek at the upcoming resource update?  They could very well be privy given their position.

Hmmmmm.