Ampasindava offers an attractive exposure to an emerging ex-China source of valuable MREOs at a time when all HREE’s are under Chinese export controls and European Dy/Tb prices are trading at 4-5x Chinese levels. The combination of strategic importance of MREAs improving geopolitical tailwinds and upcoming technical / permitting catalysts creates the potential for a material re rating as the project advances toward FID.

Risked NAV – US$100m (0.5x NAV factor) and Target Price of 9.4p using long term NdPr/Tb/Dy prices, implying 180% potential upside and supporting BUY recommendation.

Full note here