rare earth : risk vs reward

Under incubation any project starts with level 5 risk(Highest Risk). As the survey, modelling, permitting , drilling, Grades and JORC starts flowing, risk level keeps moving down level by level.

How to De-Risk the investment to get decent rewards. Is De-rsiking take place, follow it through.

1) Mt Barrett Project was approved by the Department of Mines and Petroleum (Western Australia) on 31st March.

Risk Reduced by one level.

2)Mt Barrett contains the M12 (Mt Weld Style Rare Earth) "Bulls Eye" Target. M12 is a discrete intrusive and strongly magnetic anomaly approximately 2.5km in diameter with the
potential for Rare Earth Elements.

Risk goes down by at least 1.5 level here

3) Company have three projects. Mt Barrett (REE in Western Australia), Moruya (Gold in New South Wales) and Pambula (Gold in New South Wales)

Again risk goes down by one level again.

Now only thing left to confirm grades. Once that is done, DMN will hit Level 1 risk(lowest level).

After that Finance, Market conditions becomes dominating factor.