RapidSX works. It's proven effective in pilot plant testing...

RapidSX works. It's proven effective in pilot plant testing to separate both heavy and light REEs for a fraction of the capital and operating costs of conventional SX separation tech used in China.
HXG has an option to acquire 49% of this technology for A$3.1m. This is half the value Ucore is paying (A$6.4m) to acquire 100% of IMC to own 51% of RapidSX. I think HXG has been very astute in acquiring this option. Assuming they can raise the 3.1m to secure the option, they will have a very valuable asset to commercialise or monetize. If they don't raise the money, they've lost nothing. Not sure where you get the $8m figure from? The US $4m in deferred payments only kicks in once cashflow to AIM JV starts flowing. Both parties have a strong incentive to work together to make this happen. Meanwhile HXG are focussing on McIntosh and Halls Creek, for duration of Covid-19 restrictions, which adds value to both projects and lays groundwork for further exploration.

Junior exploration companies have to take measured risks to create value for shareholders. That's why they're speculative investments. If you want certainty and no risk, buy Bluechip stocks.