Critical Minerals Boron ABR

Regarding the US Gov position on lithium, RE and Boron - Critical Strategic Minerals

https://www.wsj.com/articles/u-s-plans-to-spend-big-on-critical-minerals-choosing-where-isnt-easy-11624186800

How could this affect US Boronand ABR’s future?

Boron is rare and tightly controlled in a duopoly. We know this. But there are only a couple of meaningful and new US-based Boron sources, that I know of, … ABR and INR. Rio Borax are capped out in US supply and tapering off and may build Jadar but this is in Siberia and of interest only 160kt pa of BA, the rest is lithium. Unlikely the US will want this to become a supply source to US manufacturing.

And INR plans to produce around170kt a year of Boric acid in Nevada from 2024, around half of ABR full production. But in 2018/9 they sold this BA in off-take to the Chinese. So that leaves new supply to ABR. Likely a regret now for INR.

Also referenced in the WSJ article, the US Gov recently supported M P materials who in turn have raised600m USD plus in green notes to build their new rare earth plant.

So understandably, given this, Mitchell and the team see this opportunity and position ABR with Boron first and are going after larger funding to build stages 1 and 2 in one. The scale of$250m or $500m USD funding seems very achievable.

And if the US Gov does not partner with ABR or support incentives and funding options, then ABR may be open to sell their Boron onshore and offshore like INR, a scenario that would likely be unacceptable to the USGov. This would be the exact opposite of their stated intent around Critical minerals.

ABR is positioned perfectly …and it seems the chances of securing a significant funding deal in 21, bringing meaningful production and EBITDA forward seem very good.

All just my views, not advice