Ann: NTU Hallgarten and Company Coverage Update, page-50

Ok, so you've invested in the hype version then.

As previous, JL Mag's forecast which has proven remarkably accurate to date:



Even if you double the 2025 number that's only an additional 300tpa Dy, nowhere near enough to replace the deletion of Dy across all segments.

JL Mag is a downstream subsidiary of Sth RE Group who mine & produce 9000tpa HRE, half China's total, why are they projecting Dy demand so:



Yunsheng even makes it clear the Chinese State sponsored HRE deletion:



And reduction/deletion remains a key priority;



Rather than blindly sucking up the hype suggest you do some research in the real world Grain Boundary Diffusion, low oxygen process, fine particle alignment, etc.

In fact you'll find R&D has even moved forward to reducing the amount of Nd required in the ongoing race for cost efficient NdFeB, although you appear to have totally eliminated it already.