Here's a risk for you. The aussie government is very short...

Here's a risk for you. The aussie government is very short sighted (to put it politely).

Rare earth projects generally NEED government support to get off the ground.

Just playing devil's advocate here, I actually think the geopolitics and low capex would swing it towards a bull case where the government makes the right choice. But perhaps it can start a discussion about some more scenarios involving government bureaucracy. I'm going out for a bit but will share some thoughts when I get back about the political angle.