Been looking at all the stocks RE related for a while, initially...

Been looking at all the stocks RE related for a while, initially as a hedge against China relations going south in some of my other holdings, which has worked out great. I came to HAS later than ARU, PEK, VML and REE mainly because it somehow got filtered out of my screens. I tried to limit the companies I looked at to the ones that had a decent chance of running a profitable operation. I suspect half the companies will succeed while the other half will eventually get bought out, but you may lose a lot before that happens.

The main differentiator I see with HAS is that they have made substantial progress on the financing/offtake agreements. It would seem HAS is just the right size CAPEX to get it off the ground and given its size its pretty exciting. Given that the whole industry involves a whole chicken and egg problem where offtakes can't be signed without financing and financing can't be signed without offtakes it becomes incredibly difficult to get the projects off the ground. Just look at ARU. The numbers there look amazing, but they have been stuck looking for financing for years. PEK is stuck with granting of the SML (although if granted it becomes the best prospect given the relatively low CAPEX). VML is leading its shareholders on I think with the idea that they won't need financing or CR, but as a shareholder I'm willing to be proven wrong. They just have no details and like ARU seem to have run way too hard too early. I'll likely be selling what I put in on that one soon and just running the house money. On HAS and PEK though, wouldn't dream of doing that. REE were pretty exciting with the WN lookalike anomaly was first announced, but now that they have to fall back to just Cummins I would put them at the back of the pack and trundle looks like the better prospect there now. Questions about how management treat the shareholders there too. HTH, not advice and DYOR.