“Whereas the board believes the corporate’s valuation will, in time, replicate the true worth of its enterprise, an intensive evaluate of strategic alternate options is a prudent step to boost that course of,” the corporate stated.
Toronto-based Neo additionally appointed John McGarva to its board after consulting with Australia-based Hastings Know-how Metals, which is a big shareholder of the corporate.
The corporate stated McGarva is impartial of the Australian agency, and that the strategic evaluate course of was not being undertaken on the request of Hastings.
Final 12 months, Hastings had signed a take care of Neo to produce as much as 25,000 tonnes every year of uncommon earth focus for Neo’s downstream processing services throughout Europe and Asia from the primary quarter of 2025.
(By Vallari Srivastava; Modifying by Krishna Chandra Eluri)