If that is the case.The US government has placed a 25% tax on...

If that is the case.

The US government has placed a 25% tax on critical minerals. these are all the recent changes that we have been discussing, therfore increasing the potential pricing LYC will receive. i.e. it has to be 25% above the Chinese spot price.

Now, to follow on, with mandates (35% from Europe), this means supply chain has to be ex-china. That is a limited market, meaning we all know the only players in the market being LYC and a few other potentials.

Your comment of the cheapest supplier rules the roost is inaccurate, in fact materially wrong. The cheapest supplier no longer wins due to mandate and government tariff placed by USA, and to some degree Europe. The goal posts have moved to now consider two critical points as priority, and this is prior considering price: Also remember a $50 magnet goes in a $40,000 car.

1. Ex-China
2. ESG compliant

All while Australian government has applied a 10% production offset therefore discounting this process further. So, if what you are saying is how i was to read it, this is also inaccurate.