RE:RE:RE:RE:RE:RE:Hey PIP can you do these bike tricksLol, pop yer specs on.
First player since Lynas to virtually complete the two basics of a real business, finance & customers, and there are very real reasons why they have succeeded where the wannabes have failed miserably at one or both.
First is the driving influence Charles Lew, Malaysian born ethnic Chinese devout Christian, distrusts the Chinese more than we do, career in mechant banking in London among other things, probably worth $200M and put $30M personal funds into Hastings, he is definitely NOT a professional leech as you will find in the Mgt suite most wannabes.
Exec Chair he has worked incredibly hard to put this together with a very flat mgt structure, adding the right expertise at the right time. They've just completed the equity portion raising $100M, the underwritten $57M was 2x oversubscribed, the Chair's allocation, originally $7.5M, I got $800K, blew out to $18M on the Friday then one of Aust's most respected mid sized funds rang on the w/e and offered another $25M. Rather surprising SP hasn't moved higher in this mkt but I think you provide the reason, mkt doesn't understand HAS, and they don't own a carnival barker.
Most difficult equity component in place, $100M CR + $20M COH + ~$30M likely to flow from options, the already negotiated finance packages will follow within months. The German semi Govt $200M is waiting on mine life extension, +50% should be announced in weeks, resource is WIDE open laterally and at depth, and most importantly the incredible +40% NdPr was further verified, BTW the Germans took away 300 drill core samples to do their own verification, same time they went right thru the HAS SH register to make sure there was NO China influence there.
The Finnish & Aust semi Govt funding packages ~$90M & $80M will fall into line behind the Germans. Remarkable achievement, I have some idea of the effort & time involved, particularly with CV delays.
This is where most punters make a huge mistake RE, and inept Mgt plays along, they expect the Govt to stump up funds first, the reality is you need to demonstrate you have a real business not a sham. REAL businesses have customers, funds will invest in real businesses to raise the equity component, and only then will Govt's stump up their contribution to make it work, in this case a customer Govt, a host Govt & an equipment supplier Govt, couldn't get much more intn'l.
BTW, end customer is VW, if any have followed the success of their MEB platform you'll understand the significance, they are about to tear Musk a new one. tK contract will be signed off shortly, along with Schaeffler, a couple of others at the advanced stage, all Tier 1 auto as I understand it. Two Chinese offtake, Dragon claws, but as minor customers they won't be able to play their creeping influence game, Germans apparently satisfied with that.
Finance AND customer base locked down, point me at any other RE remotely close since Lynas, which BTW they did in 2008, taken 12 years for any to follow, quite remarkable for this supposedly gun industry. LOT of investors badly burnt over that time, accumulated losses atmost of the wannabes quite horrendous, not to mention dear old Moly.
As to resource, unique host. +40% NdPr, REE liberates readily, primary ore sorter will give a 25:1 upgrade factor to concentrate, another 25:1 upgrade thru hydromet, resulting carbonate +60% TREO +40% NdPr, find me one more valuable, with decent Tb/Dy credits. Another reason HAS not well understood is they have not put any real info out there around product value/profitability as it "complicated" customer negotiations, that will change as customer/finance is all signed off.
Charles found a great COO, Geo/Eng very widely experienced in building & commisioning plant from Artic Circle to Equator, very aware of the sort of issues that plagued Lynas, Moly & NTU in the early stages and has a really smart plan to overcome those issues.
Obviously a lot more but HAS has locked into the German auto business as a key supplier, most importantly looking to grow the ROW RE business in the face of Chinese dominance, while ROW equities have exploded recent months punters seem blissfully unaware China is near 90% of demand, Lynas/Japan struggling to retain much more than 10% ATM. Which of course makes HAS a very real take over target, with at least three parties running the numbers. Be very surprised if this isn't 2x/3x next 6 months.
This is not just a pump HAS but an illustration just how incomplete dreamboats like Ucore really are, they have been at RE for well over a decade and haven't put any of the components together that make a REAL, sustainable business, just a continual stream of BS frankly. Maybe rSX can put some substance to it but it is only a single component in what is now becoming a very crowded space, maybe leaning chromotography.