A good quarterly all in all. I was particularly encouraged by some production numbers mentioned almost in passing during the Q&A. We know the Lynas 2025 project increases potential NdPr production to 10.5 ktpa and JARE have ongoing first call on that production to 2038. There are 2 more possible expansions in the pipeline. The Kal upgrade will enable expansion to 16.8 ktpa; (the impression was relatively easily). The Mt Weld 2025 expansion comes with the ability to implement 2x 2.5 ktpa expansions for a total of 15.5 ktpa. Of course they'd need some further SX and finishing but Texas will hopefully fix that. That would mean 5ktpa would be available unencumbered for any destination (including Japan). Plenty for a startup(s) in the US or Europe @ about 50% of the supply into Japan. As AL mentioned in the previous call regarding possible US magnet production.
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(20min delay)