I think you will find that all IXR can do at the moment is pass...

I think you will find that all IXR can do at the moment is pass on current expectations from the Ugandan government.

As the MLA approval is a critical task it is hard to provide an updated project timeline as alot would rely on an accurate prediction on when the MLA is approved.

While annoying for shareholders it makes sense to provide an update of this alongside or shortly after the MLA is approved.

You are correct this is what the market thinks IXR is worth today, but that does not mean it should be worth this based on underlying value. Setfire has shown previously that the shareprice has closely followed ree pricing. Even though pricing looks to have started to turn around ixr still seems to refuse to move. This could be due to a combination of tax selling as well as anguish about the mining license. I usually don't bother speculating on these things and just let the share price figure itself out.

I think there are a few things that the market seems to be ignoring at the moment.

1. The value of our serentech recycling acquisition. With Europe wanting 15% recycled magnets what does this mean for us. At current market cap the potential of this is criminally undervalued

2. The market looks to be too harshly discounting our share price currently based on the reasoning behind why we have not yet received our license. That is to say it looks like the market is apportioning too larger risk that we won't receive it when our delays are administrative and also considering our relationship with Uganda.

3. While project fundamentals don't look that good at current ree prices, shareholders need to understand how china can manipulate these prices and that there is an unofficial ex china market not done through spot pricing which is at a premium to the china market. We know from the media how big of a push there is to focus on this ex china market... I wonder how our fundamentals hold up there...