The well-known analysts of the Rare Earth space, Hallgarten & Company have turned their spotlight on Search (pardon the pun) and it isn't pretty.
https://hallgartenco.com/pdf/RareEarths/Search_July%2020.pdf They have covered the story in the past with positive vibes, but now they see more reasons to Short it than like it.
They are mega unimpressed by the supposed attractions of the Zircon component of this project.The comparison table with the U & Th ratings of the still "alive" REE projects puts Foxtrot in the same neck of the woods as Bokan Ridge. Not a good place to be.
With the PEA showing that Foxtrot has a capex that is something like four times the after-tax NPV, the question the analysis asks is "why bother?"
Then there is the odious creeping takeover (via serial rights issues) being engineered by some sleazy Swiss private equity interests who want to get control (well, they have control already) without paying the shareholders a premium.
Read it and weep. Or read it and Sell.