Three recent items to note:(1) The NdPr oxide spot price is...

Three recent items to note:

(1) The NdPr oxide spot price is showing positive signs over the last month - granted we saw similar action earlier in the year before it fell once more. Some analysts predicted we'd see upward price momentum in the second half of 24, so perhaps we are finally seeing it. Note that Chinas REE quotas have just been released - as expected they've increased BUT at a slower clip to previous quotas (who knows if these quotas are ever met). Similarly, State Council regulations come in by October - one take is it appears to take out the "off the books" unauthorised supply of REE (perhaps from Myanmar). Once again, this seems positive to the price.

(2) Together with (1) above, ARU's Annual Report just released confirms the "incentive price" strategy and suggests the markets willingness to pay "over" the China spot price. So there is more upshot to us with an increased spot price.

(3) What the heck is going on at Iluka? ARUs modelling anticipates supply coming online from Illuka this decade - it's a huge chunk. The implications of this supply not being there on time (or at all) are positive to ARU. Not sure if the Government will be inclined to throw more good money after bad on this project. How far has their REE project got to go?