An important point which Chihawk developed sometime back is...

An important point which Chihawk developed sometime back is customer relations and, at this point, NC and his team appear to be doing a sensational job with 90% of S1 pre committed and a total of 70% of both stages.

As I understand it, REO varies quite a bit in purity and composition (associated REE/impurities?) and once a customer adjusts their processes to your REO feed they are likely to stick with it, provided you can supply reliably and cost effectively. The recent supply shock has no doubt increased the emphasis here and hence the Sojitz deal.

IMO the first mover advantage cannot be emphasised strongly enough and LYC seems to be taking full advantage well before the LAMP is even operating. They could probably auction off any spare Dy, Eu etc for the foreseeable future but getting contracts over the Ce & La production has the potential to lock out potential competitors with high Ce/La content - and that's nearly everybody.

The largest, reliable supplier right in the centre of the largest market with partnership deals with the likes of Sojitz, BASF, Petronas, Siemens etc, it doesn't get much better than that. Locking

This, and the REO mix, puts LYC miles in front of Moly and anyone else IMO yet the LYC SP has been hammered like a junior wannbe.

LYC have never made a big deal of their marketing advantage, just fairly dry, regular reports but successful execution over the next few months and the value should start to become apparent relevant to it's peers.

If that doesn't light a fire under the SP, nothing will.