Defense needs are a tiny, tiny fraction of commercial mkt, USG GAO (Acct'ing Office) forecast US military direct demand at 1% of total US demand which was only 9% of global demand, basically a teaspoon full.
Overwhelming demand comes thru the commercial mkt, which mandates a sustainable LT supply chain, ARU's own feasibility forecast a bare 11% IRR at $59kg NdPr, currently <$40kg ex VAT, never raise $1.1Bn on those metrics, particularly with low cost monazite feedstock about to start flowing in Australia with minimal CapEx.
How does ARU compares with REE, page-6
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Mkt cap ! $371.8M | |||
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