Welcome Pibe. Like you, I can't figure out the market cap difference. Slide 10 of ARU's European & Nth American Investor Presentation says it all really, as does page 8 of the Resource Capital Research report. Also, allow me to correct you: HAS have no offtake agreements, just non-binding MOUs. A world of difference.
ARU and HAS are in somewhat different games. ARU plan to produce separated REOs. Their customers will be (in the permanent magnet supply chain) Nd/Pr metal producers, or NdFeB magnet manufacturers that have links both upstream (metal/alloy) and downstream (OEMs). In other words the LYC model. On the other hand HAS plan to produce a mixed rare earth carbonate (MREC), and so must sell to Chinese separators to produce REOs.
ARU Market Cap, page-3
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Mkt cap ! $438.9M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
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| 1 | 502 | 19.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
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| 18.5¢ | 121021 | 4 |
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| Last trade - 09.54am 05/06/2024 (20 minute delay) ? |
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| Open | High | Low | Volume | ||
| 19.0¢ | 19.0¢ | 18.8¢ | 10000 | ||
| Last updated 10.13am 05/06/2024 ? | |||||
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