HAS has over $90 million cash in the bank plus $140 million...

HAS has over $90 million cash in the bank plus $140 million financing for the mine and a better NdPr:TREO ratio than us.

Again, comparing us to these other guys isn't always apples to apples as we are very different in our approach. Also I don't think Kipawa is factored into the SP atm as we have no DD, so again light on ratable evidence to raise he SP. We absolutely have advantages like possibly getting Tardiff up and running with debt free, just leveraging sales from Nechelacho which would be amazing. But again we're a little in the dark over $$$ to expect & timing of those $$$.

Couple that short term uncertainty with the market headwinds right now and it's not surprising buyers want to wait a bit. LIT, BATT and REMX ETFs all look like they want a pullback just like the rest of the market and a lot of stocks rode the EV hype with no intention of delivering; so a shake out would be welcome. Let the $$$ flow out the shit and into the quality (VML).

I've got dry powder to buy, but I'm waiting as I think we might see the low 4's for those very reasons.