I talked to the technical director of ILU a couple of months ago...

I talked to the technical director of ILU a couple of months ago having worked for them as a metallurgist many years ago including monazite recovery). They play down the difficulty of separating the REE into component elements or (thereof) as do we. Other than that I think they are best placed to make a success of it. which is probably what the government this so sup[portive. They are also making a stong case significant government support that rolls/rolled onto us.

Your point of the materiality of REE to their business is applicable except:

1. the chances of getting the job done are significantly improved with the cash flow from their mineral sands.
2. the price received for REE will determine the materiality and expansion they pursue (same with us).
3. their link to Nothern Minerlas - the high Dy & Tb makes their case more potent.

I recently took a position in NTU rather than current the ARU raise. I think they have the easiest / best risk-return road, especially in light of my experience noted above and that's apart from my being a shareholder in LYc when Nick Curtis ( he's their chairman) made the breakthrough. In some ways with REE price and SP prices down it's easy to make the switch. I have done that, retaining my ARU but I should apologise the the people who mentioned NTU before and ignored the tip. Also, ARU are likely to get financing which should hike the price and provides me optionality for decision-making from there. I have ASM a swell and am taking all the body shots but they are all part of a diversified mining and broader portfolio (so there are offsets with stuff like gold and Cu).

Sorry for the length of post.

All IMVHO & GLTAH