Arafura Seltene Erden Ltd, page-13

Welcome aboard JVP,

We all have different criteria. But, I like something with genuine potential to get into production. I wouldn’t even begin to look at a rare earth prospective investment unless they had already proven the process by supplying finished product to potential customers (a pilot plant).

Many ‘to be rare earth miners’ have product, but confirming the chemistry and producing the finished product, at say, REO starts to get close to the end game. Meaning a decade on…

If you see something with drill results, even BFS or like, they are in early days. Ask about their pilot processing plant and the purity of finished product.

Note; then add on 3-5 years for financing. Also standard time.

Then you don’t want anything whereby, they consider China in the process, or as shareholders/directors. The western world has a mandate away for China to allow for supply certainty.

This touches on some items to consider, but is not exhaustive.

Good luck.