Ann: NTU - SPP closes with $11.7 million raised, page-26

You seriously need to do some DD and get up to speed on both NdFeB manufacture and application.

Virtually every manufacturer has advanced manufacture to eliminate Dy/Tb from the magnet alloy entirely, gone and it won't be coming back. Only magnets designed to operate at the higher temp ranges require any Dy/Tb and that is now applied in tiny quantities at the grain boundaries > Grain Boundary Diffusion. Getting rid of the Dy boosts the mags flux or "strength" and reduces costs, powerful motivations. In addition low oxygen process, particle size control, etc, are all improving cost efficiency, why the Chinese have been forced to follow Japan in eliminating Dy.

OEM's have got onto the Dy elimination program as well, they've got a good handle on the cost efficiency benefits, and to that end they have been designing end product to operate at lower temperatures, enhanced cooling systems either natural air flow or structured, as well as rapid development of motor design.

One of the really major death warrants for Dy is the impending explosive growth of 48V Mild Hybrid, the electrification of the existing ICE platform, where the NdFeB components are additional to the existing ICE drive train, and therefore not operating under load continuously, therefore much lower average temperatures, making Dy utterly superfluous.

Your fantasy dream of labrats in BEV's driving some fantastic demand for Dy is wringing wet. Simply DyO is a one trick pony, and will be about as useful as horseshoes going forward, NTU would have only been a very marginal supplier, at best.

Edison tumbled to it:

https://alk.irmau.com/site/PDF/1904_0/EdisonTheFinalCountdown

Dysprosium oxide Dy2O3 200.0 350.0 -43%