Ann: Webinar Invitation to Shareholders, page-60

Hi Scott,
It’s good for DRE (imo) because by default it increases the optionality at Yin and C3 etc.
Without going too far back, HAS were in a major pickle with Yangibana, struggling to even get stage 1 completed (i.e. the 37ktpa MREC beneficiation plant).
The remaining capex requirements were non-trivial, the looming noose of the exchangeable notes, all coupled with collapsing NdPr price, the boil well and truly came off the REE-space (as we saw ourselves with DRE).
As much as some people here might not want to admit, our former resident ‘tooeyesee’ provided many useful posts (albeit abrasively) that outlined the challenges that HAS were facing, AND more importantly how / why that was of relevance to DRE and Yin.

Anyway, without opening old wounds - the reality has been a stranded semi-financed REE project in the construction phase, which didn’t exactly bode well for our own early stage REE project. In some ways we have been lucky that things didn't get too far, and DRE have been able to put it on ice (for now).

Now, personally if I were a HAS owner I don’t know how I’d feel about today’s development… maybe that was the only way out? Don’t know.
But, either way from our side of the fence it’s a good thing...we should all be rooting for the successful development of Yangibana as it provides optionality for DRE.
Yin is a quality resource, we know that, with high Ndr ratios and is located within spitting distance of Yangibana, but up until recently that's meant very little given the hurdles that they've faced.
Based on the announcement today it is more likely (at least more likely than yesterday) that the Yangibana beneficiation plant is built and they start producing a MREC product. As people have pointed out before Yangibana has enough feed to keep the plant busy, but at some point the second half is sitting right next door and quality-tonnage will be tempting.
Becomes even more compelling if they can eventually make stage 2 (i.e. the hydrometallurgical plant) a reality and tap the down-stream aspect, but lets just start with getting Yangibana going.

The good news is, DRE has other plans to stay afloat (which should remain the primary focus imo) with the transition to self-funding through bringing the star into production. This means there really is no downside to watching how things unfold at HAS and hoping it ties in with a recovery in the REE prices.