Momentum building, page-2

Brilliant, reads like every other glossy over the past decade, and like all those happy clapper PDF's makes absolutely NO effort to identify any potential direct customers, just the usual warm fuzzies which go nowhere.

Revenue critical NdPr oxide stream goes direct to metal/magnet makers, ROW manufactures ~20kt NdFeB and that's almost exclusively a literal handful of Japanese companies.

Currently ROW NdPr supply exceeds Japanese demand to the point Chinese customs data shows 2348t NdPr was imported from Malaysia CY18. Change in product mix will have reduced that past 12 months or so but safe to say ROW still exports NdPr oxides into China simply because it lacks sufficient NdFeB manufacturing capacity.

Specifically who & where are the new or expanding ROW magnet manufacturers who may at some future point require more NdPr oxide than the current ROW producer can expand to meet?

If you could identify them you'll very likely find ARU is a long way from the front of the queue supply side.