RE: SVML average TREO basket ratios approximately 7x higher than the world's five largest rare earth producers27 May 2026 07:45
Mcap 220m, post DFS mcap NPV8 2.2bn…. Then add in market intel for Heavy & REE’s…
“Western Supply-Chain Strategy: Market Context
The strategic value of non-Chinese heavy rare earth supply has been crystallised by recent corporate activity. On 20 April 2026, Nasdaq-listed USA Rare Earth, Inc. (USA Rare Earth) announced a definitive agreement to acquire Brazil's Serra Verde Group (Serra Verde) for approximately US$2.8 billion. The acquisition is underpinned by a 15-year 100% U.S. Government backed offtake agreement, with contractual price floors of US$110/kg for both Neodymium (Nd) and Praseodymium (Pr), US$575/kg for Dy and US$2,050/kg for Tb.
Upon announcing the acquisition, USA Rare Earth described Serra Verde's product as containing a high percentage of all four magnetic rare earths, "including the most critical and highly valuable heavy rare earths Dysprosium, Terbium and Yttrium." USA Rare Earth also positioned Serra Verde as the only producer outside Asia capable of supplying all four magnetic rare earths at scale, and noted that Serra Verde has secured a US$565 million mine development finance package from the U.S. International Development Finance Corporation.
On 20 January 2026, U.S. uranium and rare earth producer Energy Fuels Inc. announced a US$299 million acquisition of ASX-listed Australian Strategic Materials Limited, expanding its mine-to-metal-and-alloy rare earth platform with the stated aim of becoming "the largest fully integrated producer of REE materials outside of China."”
Surely that’s a massive disconnect/opportunity no matter how you look at this!
If not RIO someone from the US or Japan or even flipping China will buy this or we go alone with world bank funding!
However, one looks at it, even from the most pessimistic perspective, it’s a huge SP - Asset disconnect based on those in market rates!
Usual caveats
Trek
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