Lots of folks smartly got to the sidelines already or VERY...

Lots of folks smartly got to the sidelines already or VERY recently.  Only story-tellers left. And those with stuffed sock drawers.

Ce/La are important, but Lynas is pretty-much entirely dependent on one highly-diverse market space: magnet metals for electric machines.

REE prices need to move up or LYC will likely languish even if they settle the waste issues favorably.  We are all waiting for that, but there's no guarantee.

Chinese will supply their own magnet-makers and no more.  
Lynas will supply Japanese magnet-makers.
It seems likely Japan will adopt same stance as China and seek long-term lock-up of Lynas resources.
Lynas is beholden to Japan, continuously it seems.  
Not sure how much Lynas will ever see of any REE price spike.  Zero transparency on contracts or deliveries means it's a guessing game.

Not a one-trick pony, nope.
Lynas is a three-trick pony:
(1) Magnet metals price stability and increasing demand (esp into Japan) despite ongoing REE elimination and reduction efforts;
(2) Toyota/Honda commit to manufacturing REE-enabled traction drive (REE-SRMs and/or REE-PMMs) as dominant platform;
(3) Global adoption of NEVs continuing apace (every month increasing YOY).

All those conditions have to be met or LYC will likely languish despite Lynas being a stable company and sold out.