Cummins Range looks like a very large rare earth and phosphate project for RareX

Last week, when looking at the Swedish REO discovery of LKAB, we referenced RareX's (REE) Cummins Range rare earths project in the Kimberly region of WA. That project took a significant step forward last week with the announcement of an intercept of 513m at 0.5% TREO and 5% P2O5. It is clearly emerging as a very large, bulk tonnage REE-phosphate project.

At the recent share price of 7.3c (+40% on the recent announcement) the market capitalisation is only $42m. That suggests there is no premium in the share price at these levels. It doesn't seem to have attracted the froth that we see in other rare earth stocks. 

 WeeklyComm28January2023a.pdf