Don Swartz has said there hasn't been a novel rare earth discovery in the US in about 40 years — and four months after taking Rare Earths Americas (NYSE American: REA) public, he thinks his team found one in the coastal sands of Georgia. In this episode, Dustin and Daniel talk with Swartz about the Shiloh and Liberty Peak discoveries, the company's ionic clay project in Brazil, and why heavy rare earths are trading at roughly 5x the price in Europe compared to China. Rare Earth Exchanges has covered Rare Earths Americas' rise since its IPO — this conversation goes straight to the source. For more on the heavy rare earth economics discussed here, see our earlier episode on Meteoric Resources' Caldera Project, a neighboring Brazilian ionic clay developer, and our conversation on the mining engineer shortage with Aaron Noble.
A District, Not Just a Discovery
Shiloh started as a single focused target — a monazite-bearing sand system in western Georgia. Over the last month and a half, it has grown into something bigger: the Liberty Peak district, more than 50 kilometers away, where drilling has intersected the same monazite-bearing sands. Swartz frames the combination as district-scale, built on Rare Earths Americas' own proprietary aerial survey of roughly 150 square miles of an underexplored part of the state, where the last available geologic data predated the 1970s.
- Origin story: Shiloh traces back to a 1970s-era National Uranium Reconnaissance Program survey that never assayed for rare earths — a retired Auburn University professor later re-tested the old samples.
- Grades: early surface samples ran up to roughly 45% TREO; the company plans to drill over 20,000 meters this year to define a resource.
- Why it matters: Swartz believes Shiloh may be the source rock for the monazite sands that Energy Fuels already processes at its White Mesa Mill, sourced from a Chemours mine elsewhere in Georgia.
From Whiteboard to NYSE in Under Two Years
Swartz built Rare Earths Americas essentially from scratch starting in early 2025, pulling together the Georgia exploration assets with two ionic clay projects and an early-stage greenfield project in Brazil through a series of mergers and acquisitions. The company went public on the NYSE in May 2026 — by Swartz's account, the first traditional-listing IPO from a US rare earths miner since 2010, rather than a de-SPAC. As of its first quarterly report as a public company, Rare Earths Americas holds roughly $80 million in cash and is running eight drill rigs across Georgia and Brazil.
The Heavy Rare Earth Math
Swartz laid out the industry's supply gap: by his account, the world will need roughly 2,500 tons per annum of heavy rare earths (terbium and dysprosium) by 2035 — and the Definitive Feasibility Study just published by neighboring Brazilian developer Meteoric Resources pencils out to only about 125 tons per annum. On his math, the world needs somewhere between 10 and 15 projects of that scale. The pricing signal backs it up: light rare earths like neodymium and praseodymium trade close to Chinese pricing, while heavy rare earths have diverged sharply — roughly 5x higher in Europe, with some pricing discussed around $1,900/kg.
Georgia's Permitting Advantage
Unlike hard-rock projects in the Western US, Shiloh's shallow, free-dig mineralization (surface to roughly 15 meters deep) and Georgia's state-level permitting authority — rather than a heavy federal nexus — point toward a quarry-style permitting pathway, according to Swartz. Georgia is already a sophisticated mining state, the world's largest kaolin producer with an established aggregate and heavy-mineral-sands industry.
The People Problem
Swartz and the hosts spent real time on what may be the industry's biggest structural bottleneck: workforce. China graduates an estimated 10,000–20,000 mining engineers a year; the US graduates roughly 200. Swartz's advice to anyone considering a career in the space: build broad foundational knowledge in mining engineering and geology rather than specializing too early — those skills transfer across commodities.
Key Takeaways
- Rare Earths Americas' Shiloh project in Georgia has expanded into a broader district after the discovery of the Liberty Peak monazite system more than 50 km away.
- The company went public on the NYSE in May 2026 — the first traditional-listing IPO from a US rare earths miner since 2010 — and holds roughly $80M in cash.
- Alpha, its ionic clay project in Brazil, is the most advanced asset in the portfolio and backstopped much of the IPO valuation; Hatch is running an initial economic assessment due early 2027.
- Heavy rare earths (dysprosium, terbium) trade at roughly 5x the price in Europe versus China — a gap Swartz says reflects how constrained non-China heavy rare earth supply really is.
- The US graduates roughly 200 mining engineers a year versus 10,000+ in China, a gap Swartz calls one of the industry's biggest long-term risks.
- Swartz expects magnet manufacturing capacity to scale from 2030–2035, and Rare Earths Americas' Georgia and Brazil projects are timed to layer into that window.
FAQs
What did Rare Earths Americas discover in Georgia?
Rare Earths Americas' Shiloh project sits on a monazite-bearing sand system in Georgia. Surface samples have returned grades up to roughly 45% total rare earth oxides (TREO), and the company has since expanded the target area into a broader district that includes the newly identified Liberty Peak system, more than 50 kilometers away.
Why does CEO Don Swartz call it a “novel” discovery?
Swartz says there hasn't been an unrecognized rare earth system found in the US in roughly 40 years — most known US deposits are extensions of decades-old finds. Shiloh was originally identified through a 1970s-era uranium survey (the National Uranium Reconnaissance Program) that never assayed for rare earths; a retired Auburn University professor later went back and re-tested the old samples.
How much did Rare Earths Americas raise in its IPO?
Rare Earths Americas (NYSE American: REA) went public in May 2026, in the first traditional-listing IPO by a US rare earths miner since 2010. As of its first quarterly report as a public company, Swartz says the balance sheet holds roughly $80 million in cash.
What is the Alpha project in Brazil?
Alpha is Rare Earths Americas' most advanced asset — an ionic clay project in Bahia, Brazil, targeting dysprosium and terbium. It has a defined resource and backstopped much of the company's IPO valuation. Hatch Ltd. is running an Initial Assessment (similar to a scoping study) on Alpha, expected in early 2027.
Why do heavy rare earths cost more in Europe than in China?
Light rare earths like neodymium and praseodymium trade close to Chinese pricing (around $120/kg), but heavy rare earths — dysprosium and terbium — have diverged sharply, trading at roughly 5x that level in Europe, with some pricing discussed around $1,900/kg. The gap reflects how much more concentrated and constrained heavy rare earth supply is outside China.
How many mining engineers does the US graduate compared to China?
Swartz and the hosts discussed a stark gap: China graduates an estimated 10,000–20,000 mining engineers a year, compared with roughly 200 in the US — a gap both call a structural bottleneck to rebuilding a domestic critical-minerals industry.
Transcript
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Dustin Olsen (00:01)
Don, welcome to the show. How are you doing?
Donald Swartz (00:04)
Hi Dustin, Dan, nice to meet you both. Looking forward to chatting today.
Dustin Olsen (00:10)
Absolutely. We're excited to dive into all that you guys have going on — you've got a lot of things cooking, so to speak. So one of the things to kick off our conversation: you've said there hasn't been a novel rare earth discovery in the US in about forty years. I'm curious what your definition of “novel” means, even from a geological perspective.
Donald Swartz (00:40)
Sure. When I say novel, I mean an unrecognized rare earth system — not an extension of a deposit someone's been working on for decades. Shiloh, in particular, was the project I think that quote referenced — a monazite-bearing sand system in Georgia we've been focused on. Over the last month, month and a half, that's expanded to include the Liberty Peak district. That combination of scale, geology, and discovery is what makes it significant, or novel. It's not novel in the sense of mineralization, which I think is really key — Energy Fuels, who has the White Mesa Mill in Utah, is a separator of heavy rares, and their feedstock comes from a Chemours mine in Georgia. What we think we have at Shiloh is that source rock — where that monazite sand originated from. That was really the point of the quote. It's super compelling, and the geologists are working every day — I think we'll drill over twenty thousand meters there to define a resource, late this year, early next year.
Dustin Olsen (02:00)
In Georgia you've got two different projects — Liberty Peak and Shiloh, is that correct?
Donald Swartz (02:08)
Yeah, they're really one project — it's morphed into what I'd call a district-level scale. Western Georgia is really underexplored. The state geologic survey hasn't been well funded; there aren't a lot of state geologists. There wasn't a lot of background data when we started mapping and doing field work — it was maps from the 1950s and '60s. So we flew our own proprietary dataset of about a hundred and fifty square miles in Western Georgia. Over the last six, eight, nine months, we've put together exploration agreements, lease agreements, option agreements, and built that land position over what we think is the most impactful ground — and now it changes how we think about the opportunity. Shiloh was initially a very focused discovery; Liberty Peak is a much broader regional system. It's early, and I don't want to get ahead of the geology, but that increases the scale and the upside in what the Shiloh–Liberty Peak area can become.
Daniel O'Connor (03:16)
A couple of questions on the geology — it's important to understand deposits at these assets. In Shiloh, what's the overlying geology? Is it igneous, and how are the rares forming? I know we've written about this, but what does the heavy rare earth outlook look like based on what you know so far?
Donald Swartz (03:47)
Yeah — I'm located in Denver, and we're engaged with the Colorado School of Mines doing the mineralogy work and the met testing. We've got some work to do around the geologic model of exactly how it got deposited. A lot of that is in the early innings of figuring out, and the drilling and work being done through the end of the year is hopefully going to inform that. What makes it interesting to us particularly is the heavier earth content — we've seen material that's like one percent of the compositional mix of the TREO, which makes us super excited about the heavies. When it was first prospected, we were grabbing samples up to 45% TREO grades. So what we need to do is drill it out and figure out the system and the geologic model, because that leads to discovery.
Daniel O'Connor (04:54)
Understood. One other question — how exactly was it discovered? We always like those stories — who was the first person to notice something, and what was the story?
Donald Swartz (05:09)
It's a pretty interesting backstory. There was a long-tenured professor at Auburn University who'd been involved in the National Uranium Reconnaissance Program. The area was drilled back in that era by the old French multinational Elf — now Total — looking for uranium. There wasn't uranium, and at the time people didn't assay for rare earths. It was an itch he wanted to scratch — he went back out, started re-assaying, put some geologic field trips together, and then, through the founder group, brought us in to push the project forward. That's how it got introduced to us.
Daniel O'Connor (05:51)
Interesting, very interesting.
Dustin Olsen (05:54)
I wanted to go back to your comment about Liberty Peak and Shiloh being more of a district. Without naming competitors — how do you compare to what's already out there?
Donald Swartz (06:10)
It's one of one — but one of one in a good way. We were at the Canaccord investor conference last week and had a lot of discussions with investors — people ask, “I'm interested in the sector, but what do people get wrong about it?” And I think style of mineralogy is really important, particularly for Western supply chains. You can have TREO, but you might not be able to process or separate it — particularly in the Western world. So we built the portfolio of assets around processing capability in the Western world — being able to do something with it. This is monazite — you have Energy Fuels, Saskatchewan Research Council, Iluka — a Western separation and processing industry that's early on, but it's here and it's growing, and that made a lot of sense to us. In terms of the Shiloh jurisdiction, it's one of one, but it's in Georgia — so it's state permitting, not the kind of federal permitting nexus you have in the Western US. You negotiate directly with the landowners who control the mineral rights, so pathways to production mattered. I often think of the Charlie Munger quote about inversion — we talked about the novel-discovery angle, and we spent a lot of time looking at projects that have been around for thirty or forty years and never got developed, and asking why. Was it the mineralization — a one-of-one flow sheet? Was it permitting? Was it capital intensity and deep underground mining? That's how we thought about it, through the lens of “does it have heavy rares” — and that's how the portfolio got put together.
Dustin Olsen (08:18)
Fascinating how these things come together — probably not by choice, since it's geological. You've got to work with what you've got. Which leads to another question — you spent a lot of time building American Rare Earths and their Wyoming project before starting Rare Earths Americas. What drew you to start over?
Donald Swartz (08:48)
I knew Taso Arima pretty well — CEO of IperionX, who you might know — we'd known each other for twenty-plus years across different projects. I'd spent a long time as a mining consultant over the years, doing a wide variety of projects. Toward the end of 2025, into the beginning of this year, we were talking, and obviously the founder group and some of our very supportive shareholders had been working in Brazil — around that time there were a lot of discoveries in Brazil, particularly as people started looking for ionic clay discoveries. Brazil, unequivocally, I think is going to become the linchpin — the absolute driver for Western, or world, rare earth production over the next few decades. So I really wanted to get involved in Brazil. This was an opportunity to pull together some Brazilian assets — we ran a series of mergers and acquisitions, redomiciled the shell in Texas, and merged the Foothills assets in with two ionic clay projects in Brazil, plus an earlier-stage greenfield opportunity in Brazil. It was a chance to create something from scratch — from a whiteboard to a public listing in May of '26. It was a wild ride, and a lot of fun — I joke that my beard wasn't gray when we started. But it was fun to build something, pick the assets you wanted in the portfolio, and —
Daniel O'Connor (10:32)
(laughs)
Donald Swartz (10:41)
What's certainly different about us is we were the first kind of “regular way” IPO — this wasn't a de-SPAC. NYSE, ticker REA for anyone curious. Just building something from scratch that had really good projects — multiple shots on net, to steal a Canadian analogy. And here we sit today.
Daniel O'Connor (11:07)
Quite exciting, and obviously desperately needed. There's the political timeline of what we hear about versus the actual industrial timeline of realizing it — we write about that a lot. So when we heard through the grapevine that you all were going public — if we look at your highest priorities over the next short run, from an investor standpoint — we have a lot of investors watching this — where are we at in the process? Maybe give us the Cliff Notes version.
Donald Swartz (11:59)
Like I mentioned, we were at an investor conference last week and published our first quarterly as a public company — there's a new IR deck on the website, and I can work with Dustin or yourself to get it linked in the show notes. I'd encourage people to look at it — there's a good catalyst slide on our focuses. The IPO was wildly successful — there's probably, today, plus or minus $80 million cash on the balance sheet, which lets us run projects in parallel. We're going to drill over twenty thousand meters in Georgia this year, focused on a monazite sands resource, targeting early next year. Alpha, the ionic clay project in Brazil, is probably the most advanced — it backstopped a lot of the valuation work in the IPO. Hatch was selected to do what we call an “initial assessment” — very similar to a scoping study or PEA — project economics, size of the prize, everything. Same timeline, early Q1 of next year, is the plan to have that done and out to the public. And then our Homer project, which was non-material in the S-1 but we've made good progress there — we had a release about a month and a half ago — over ten thousand meters will be drilled there. It certainly looks like a carbonatite complex. We'll drill it and have a steady stream of drilling results and assays. That's really the focus at the moment.
Daniel O'Connor (13:42)
Okay — if we look at that work, that's the next twelve months. Looking outward — I think in the IPO we were looking a couple of years out in terms of construction. When would mine construction be?
Donald Swartz (14:06)
We track magnet manufacturing in the West and the feedstock needs for offtakes, and we think most of that capacity comes online 2030 to 2035. These projects layer into that same timeline. So the next few years are drilling, project studies, piloting, offtake agreements — the traditional project development path. I always get asked which project is the priority, and I joke it's like picking your favorite kid — it usually avails itself to you through discounted cash flow modeling and the project studies. We'll push them forward, and I'll come back on the show when we're ready to tell you which one gets pushed forward.
Daniel O'Connor (15:10)
That's beautiful — and we agree the timeline you mentioned makes a lot of sense. We've written about the fact that there could be more light rare earth elements than heavies — meaning if you have optionality for heavies, even a few years out, you could probably get business done sooner rather than later. Is that a fair assumption?
Donald Swartz (15:38)
Yeah — there's a great slide in the new investor deck that walks through the need for heavy rares and where they're going. Working off memory, if you take the industry consensus view for 2035, you need roughly 2,500 tons per annum of heavy rares — call it terbium and dysprosium. Meteoric Resources, which has a good project in Brazil contiguous to our Constellation project, did their DFS last week, and that came out to about 125 tons per annum of heavies. If you go back to when we did the roadshow and explained to people what heavies were and why projects need them, it's almost exactly what we said in the deck — the world's going to need somewhere between ten and fifteen projects of that size and scale. There's going to have to be significant investment and development of new rare earth projects in the Western world, and there's really a dearth of them in North America in particular.
Daniel O'Connor (16:53)
Yes — one last question on the business side. Is it the norm to do offtake agreements early, especially once you and the industry — and hopefully the magnet companies — have modeled a coming shortage? I'd imagine that's pretty ripe for business.
Donald Swartz (17:21)
Yeah, we're seeing people — particularly in Brazil — build pilot facilities and prove their MREC, so that at the stage where you can show people something they can touch, feel, see, smell — that's when you can get to the next stage of scaling it up and start moving toward a project financing decision.
Daniel O'Connor (17:51)
Makes total sense. Thank you, Don. Dustin?
Dustin Olsen (17:55)
Don, you joked a little about how your beard wasn't gray when you started the IPO process. What was the hardest part of that process — from a standing start to going public in under two years? That seems like quite the feat.
Donald Swartz (18:17)
It's always the people. I laugh and tell everyone that having the same conversation fifty times in a week was hard. But none of this is possible without the team — Jen Grafton, our chief legal officer, started day zero with me back in January of 2025. She'd been on the board of Dakota Gold and had worked at a US publicly traded company, so she understood the IPO process. Dan Shribman, our exec chair, was also there on day zero. So we started with two people as consultants, then raised the initial seed money, then the next round — then the government shut down for thirty days — but we started building out the technical staff in Georgia and doing the drilling. It's always the people and the processes — not having office staff in Brazil, and ratcheting that up to where we are now. There's probably twenty-five-ish people now in Georgia, four rigs spinning — managing four rigs and doing twenty thousand meters is a Herculean effort a few months after an IPO. The same build-out has happened in Brazil. It was really hard, but the company's undoubtedly in a much better place post-IPO — we've got, or will have, eight drill rigs going, four on two different continents. Managing that flow is really fun and exciting, but now we just have to execute.
Dustin Olsen (20:10)
And speaking of executing — you've said it's a twenty or thirty year problem you're trying to solve very quickly. We've talked on the show about how people spend an entire career just to get a mine permitted and operational to any capacity. Is what you're doing part of the strategy to compress that timeline, or is there more on the horizon to accelerate the plan?
Donald Swartz (20:45)
The government's got an important role rebuilding a supply chain that took decades to move offshore — a lot of people forget a lot of these patents and technology were US-based, at GM, in the '90s. It's been possible now with government intervention, support, permitting reform, offtake mechanisms, policies and procedures — but the capital markets have followed the government's lead, and I don't think any of this would have been possible without the steps the Trump administration took. Now you have at least some pricing visibility into a European, or ex-China, benchmark price that allows people to finance and build projects moving forward.
Dustin Olsen (21:45)
They've come a long way. Their FAST-41 program helps quite a bit, I think — were you guys beneficiaries of that in getting permitted here in the US?
Donald Swartz (22:00)
I'll come back to that in one second — but going back to something Dan asked, this pulls the thread on why the heavies are so interesting. On the lights — if you compare European pricing to Chinese pricing, you haven't seen a broad divergence — neodymium and praseodymium are still close to par, call it $120 a kilo. But on the heavies, you've seen a five-times divergence or more — European pricing at 5x. I think at the same conference, USA Rare Earth was talking about pricing around $1,900 a kilo. It's very interesting to see how the US government, the EU, and others are going to solve for heavy supply. On permitting — the way we conceptualize how Georgia gets permitted is state permits. These are modular plant designs, shallow, free-dig, mineralization at the surface to about fifteen meters of depth on average — so these are probably permitted more like a quarry-style pathway. Georgia is a pretty sophisticated mining state — largest producer of kaolin in the world, a big aggregate industry, heavy mineral sands — we haven't had to pull on the FAST-41 lever. That's more what you see in Arizona, around a copper project, and others in the Western US where there's a big nexus to federal permitting.
Daniel O'Connor (23:53)
So to understand — when it's land or private property in a state, you're dealing more with a state permitting agency versus federal. That could be good or bad, I'd imagine — depends on the state.
Donald Swartz (24:12)
Right — that was my point about Georgia being a relatively knowledgeable mining state, with direct knowledge of how to permit things and move them along. And Chemours, as I mentioned earlier, has an active mine site that Energy Fuels is taking feedstock from — so they've trailblazed a lot of this. It's not novel in that sense.
Daniel O'Connor (24:31)
Very good point — that source is there. So it's all very exciting — congratulations on the IPO, again. It's a major feat; a lot of business people dream of being able to do that, so congratulations to you and your team. Dustin has a few other questions — I had one on industrial policy. We think the problem is bigger than the media lets on. Do you feel there's more the government should be doing — workforce development, shared services, freeway infrastructure, ports, different ways governments fund infrastructure? Because this is a national security issue.
Donald Swartz (25:36)
I'm certainly keen to see the real details — the meat on the bone — of the project vault, the stockpiling agreement, and where that's going. I think everyone in the industry is interested in that. What I was most happy about was the roundtable two weeks ago with the president in DC — the government stepping up support for mining universities. You talk about what China graduates in metallurgists and mining engineers versus us — it's crazy to me the amount of lawyers we graduate in the US if you compare it to how many mining engineers there are. Maybe I'll bite my tongue on which one's more valuable over the next twenty years — but I think we need to do everything in our power to get more kids interested in this. When I graduated, I was in a class of two. I have a colleague who went to McGill — I think his class was seven, and maybe three of them went back to China after graduating. The mining university piece, and getting more people into the industry, is probably one of the most important things we can do.
Daniel O'Connor (26:53)
By the way, we just had Aaron Noble on — you might know Aaron from Virginia Tech.
Donald Swartz (26:59)
I prefer to think of Aaron as when he was at West Virginia University, which is where I went — I knew Aaron when he was there. I was in Brazil a couple of weeks ago, and I think the Brazilian government thinks highly of the work Virginia Tech has started doing there — helping, I believe, Aclara, if I'm remembering right. But Aaron was much better when he was a Mountaineer instead of a Hokie.
Daniel O'Connor (27:04)
(laughs) That's right. To finish that point though — you're absolutely right, the numbers he threw out were something like 10,000 to 20,000 mining engineers graduated in China every year, versus 200 in America. That's a vast discrepancy we have to change.
Donald Swartz (27:51)
Yeah — I'd even say 200 sounds high to me. But until we solve the people and intellectual mining challenges, it's going to be hard to catch up.
Daniel O'Connor (28:04)
Agreed, one hundred percent.
Dustin Olsen (28:06)
I want to keep talking about the education side. Don, you started your career in coal and energy before moving into rare earths. For somebody studying this right now, they're probably asking, “Where do I bet my career?” What would you tell them today — rare earths, or stick with coal and energy?
Donald Swartz (28:34)
Broadly speaking, a lot of the people I've met on this journey into rare earths came from varied backgrounds — geology, infrastructure, policy, national security — it all intersects. If I were advising someone, I'd say build a broad foundational knowledge, particularly in mining engineering and geology — those skills are transferable across different minerals or elements. I spent a decade as an independent engineering consultant doing technical studies across gold, copper, silver, nickel, and that spills over into things like reagents and sulfuric acid availability. Having that broad base of knowledge is really important — don't try to pick a very specialized niche early in your career. Spending time across different ore deposit types will help you later on.
Dustin Olsen (30:01)
Great advice — hopefully we get more people interested in the space and solve the knowledge gap you mentioned. Looking five years out — what do you envision Rare Earths Americas looking like? You've done a lot in under two years — what's next five?
Donald Swartz (30:32)
I think our biggest challenge is — we obviously need mining engineers, but in the US we also need mining investors. It feels like everyone investor-wise left mining for tech twenty years ago and hasn't come back. So there's a lot of work to do educating investors — on mining generally, on ionic clays specifically and why they matter, on the heavies and why they matter. We've seen ionic clay peers listed in Australia hold up much better than US critical minerals stocks did during the June–July drawdown — there's been some recovery the last month, but it shows this need to educate people that you can create a lot of value before a mine gets built. US generalist investors tend to look at earnings and profitability, but the Australian or Canadian market understands you can create a lot of value pre-revenue — almost like pharma or biotech. So: educating people over the next five years, while pushing the projects forward. In five years we should certainly be at a point where at least one of these is moving dirt and building something.
Daniel O'Connor (31:54)
A quick note on that, Don — you bring up an important point. A lot of our audience is investors, retail and institutional. Biotech and pharma — I used to be in that business — is highly risky, not a great success rate, yet enormous sums of money flow through it, and it's arguably more complex than rare earth mining, to be honest. It's interesting how investors circulate into high-risk, complex, long-duration industries — ten, fifteen years to FDA approval. So it seems very possible here; I just don't know what the barriers are.
Donald Swartz (32:48)
Going back to the government coming in and investor sentiment following the government's lead — our IPO is maybe a breadcrumb of success, where you can start to see people understanding it. The two projects in Brazil have defined resources — grades are known, and we'll be able to show project economics — so they're de-risked to a large degree. I wouldn't necessarily equate them to FDA approval on the pharma side; they're less risky. We covered a lot of the risk factors in our S-1, and I don't want to downplay the risk — but it's going to be an education process, and we're going to have to start seeing these things get built and people start making money. It'll turn on a dime.
Daniel O'Connor (33:45)
Agreed, agreed.
Dustin Olsen (33:50)
Well, Don, thanks for being on the show and sharing your successes with Rare Earths Americas. Exciting to hear — you've covered a lot of ground, no pun intended. We hope to have you back on the show to get an update as things progress.
Donald Swartz (34:13)
Alright, guys — thanks for having me.
Daniel O'Connor (34:16)
Thanks, Don. Appreciate having you.
