Doubt this will be at any significant discount as it is likely...

Doubt this will be at any significant discount as it is likely underpinned by most if not all the ~$300M Japanese Diet approved to JOGMEC for "direct investment in RE processing US & Aust", ain't real hard to figure they have a choice of one.

These funds will be directed largely to additional assets, Texas LRE & HRE processing, and Kal primary SX, to stream selected carbonates to both LAMP & BLJV, all three facilities will also win Govt subsidy.

In addition to JOGMEC imagine there would be pre committed funds so the retail component likely fairly small, maybe 1:10 pitched 20/30c discount, don't think they'll be struggling to get this away.

This is an opportunity to buy into a far, far bigger company than current, running complete magnet supply chain into the 2nd & 3rd largest manufacturing economies.