I agree, I think the weakness in the share price is down to 2...

I agree, I think the weakness in the share price is down to 2 things: 1. uncertainty regarding the true future outlook for rare earths demand and pricing, and 2. the fact that Lynas was a $3.5bn company who is not even a producer.

Re 1, fundamental supply and demand factors demonstrate a strong need for ROW supply of rare earths. In the Annual Report, LYC recognises that efficiency improvements have cut the demand for certain rare earths globally. But replacing rare earths? I don't think so. As long as dependable and adequate supply is created, there will be continued uses for it and innovations based on it. This uncertainty regarding future demand is not a problem for a first-to-market company. Perhaps it might be an issue for the LREE competitors.

Re 2, once LAMP pre-op is granted, and feedstock starts going through and finished materials start coming out, there will be no more discount for being a non-producer. The full potential of this company should then be priced in.