Spotlight on American Rare Earths, page-1615

Where are you seeing Fidelity with 9%? Is there a more recent list of Top-20 than the one from the September annual report? That showed HSBC with 9% and no one else but the Hill Family with more than about 3%. And are you referring to Fidelity Investments of Boston, or Fidelity International of Bermuda, which was spun off decades ago and manages mostly non-U.S. accounts.

I will relentlessly repeat the mantra of You Don't Qualify for NASDAQ (absent a US$100 million secondary offering to dilute current shareholders) as long as others try to maintain that fantasy. And I have never said that the Wyoming government will halt the development of any mine. It is just a fact that the law requires open pits to be filled back in, and the cost of that to be deposited before any mining starts.

As Mel Sanderson told a Wyoming newspaper in March, “the company hopes to initiate the permitting process next year. According to Sanderson, under existing laws and regulations, the earliest it could start mining would be in 2029 or 2030, assuming everything goes smoothly along the way.”

ARR doesn't have the money to do it, but maybe a deep-pockets partner can be found, or a sale can be arranged with a retained royalty interest. “All mining is a gamble. You have to keep putting money in and keep having faith that your guesses are right.” I didn’t say that, she did.