Good point. I think they are desperately trying to source money,...

Good point. I think they are desperately trying to source money, pretty much from anywhere i would imagine. I wouldn't be surprised if there are control issues and power plays a foot with the funding / existing substantial shareholders / Directors etc....hope they have a very good company secretary who understands the rules!
They are clearly out of money, should have seen the end of the runway a long way back, clearly some did. Perhaps they needed to get to this point? Its only 'material' because without it they are gone! (again i think its a play on a word)
Fundamentally Rare Earths simply aren't actually that rare. Calling them 'critical metals' and similar things works well for jingoistic governments and stock spruikers but Rare earths are literally everywhere....and as the price of them rises more sources / mines become viable and pre that you get substitution with other metals or even softer things! The US has several huge RE mines on care and maintenance....every time the price of their blend of RE goes up somebody reopens the mine/s and then the price crashes and back to C and M!
I'm no expert but i would be surprised if this ends well. For anyone invested though i hope it does.