Also worth acknowledging that the REE sector is current out of...

Also worth acknowledging that the REE sector is current out of favour and REE prices dropped pretty rapidly which started occurring in 1QCY23 which was prior to MRE release. We also had big market sell down and a very negative global environment. This is a large driver for the drop off, as Nippy and others are suggesting. Most REE stocks have dropped, except for MEI for some reason. Low REE prices, EV demand has been slow including in China. Perhaps talk of reducing REE magnets use in EVs is also spooking instos, though. Alot of factors at play here.

I would also prefer a more experienced management team so do not disagree that this is also a factor. Alistair has done a good job to date though. Be good to see how the next few months pan out and prove they can continue this into development phase. As i've said before, LIN isn't going downstream so their operation isn't as complex (though i am no REE expert) so feels easier to achieve.

Given the strategic value in having a world class tier 1 asset - even if the current mgmt team isn't up to it - at the very least it will be a good acquisition target. I saw that PEK has brought in Macquarie capital which it said was to assist with takeover defence. Clearly they are subject to take over interest at their very low level and surely LIN is similar (though any offers have been be $1bil +).