Firstly this is not true, at current RE prices they are still well in profit. Cost of production is in the lowest quartile, I think it's $34 kg USD.
Secondly, if you have been folloing progress you would know that Nolan's does not produce now. It produces in 2028. Prices are forecast to increase to $100+ kg USD by then.
Thirdly, and most importantly, this is why they have a majority of their production already sold via offtakes to tier 1 global customers.
Arafura Rare Earths Ltd, page-1084
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