I believe that’s the rhetoric, that’s passed around in retail...

I believe that’s the rhetoric, that’s passed around in retail share holder land - now misleading. Essentially a decreasing share price with no volume does not suggest anyone believes the Chinese spot market price holds any relationship.

The decouple is inevitable, I know ARU, are contracting above spot price, and also now have the 25% subsidy to further increase bargaining.

This means, those with deep pockets, and those in the know - who understand the state of play, will no longer buy/sell Rare earth companies due to the spot price in the REO price cycle.

The supply deficit is genuine, and so, pricing will be unique. Therefore, anyone that makes a buy/sell decision for Western rare earth companies based on spot price is limiting their opportunities.

There are two diverging roads:

1. Western markets : New Contracted price/ coupled with supply deficit formed due to tariffs and mandates = western world supply of REO

2. Eastern markets : Chinese spot price applicable.