This is one resilient Stock, page-4

Might it be to do with the fact that there has been a consistent improvement in both production and sales in extremely difficult market conditions? Or that the company has improved its market share in Japan with phase 2 being brought online to cater to increased demand? The fact that the Japanese financiers have appeared reluctant to let it fail thus far? Something to do with an alternative rare earth supply for Japan than relying on China? Getting pretty close to cashflow neutral in extremely difficult circumstances? The potential for further unit cost reduction with increased production to meet increased demand? The possibility that prices may be at their lows? Some might think these are fairly good reasons to hold. On the other hand, cash is tight, no doubt, so each to their own risk analysis.