Especially because they are just about to do a capital raising...

Especially because they are just about to do a capital raising meaning assume further dilution -- unless your friend has word about a consolidation (e.g. 10:1) but that doesn't make any sense since they only have around 500m shares outstanding. PEK purely speculative at this point (no money for mine, plants etc) and - as Aus points out - Lynas truly in a unique position as the only big established player outside China and simply years ahead of anyone else.

Am sure some of these spec plays will catch a bid on Lynas's coat tails if RE prices stay stable or head further north but can't imagine any of them exceeding LYC SP unless there was some fancy share consolidation on the way. They will all need to raise money to get their mines/plants started and then need to go through the lengthy teething processes of getting plants up to capacity, establishing steady product quality, finding buyers etc.