“While the board believes the company’s valuation will, in time, reflect the true value of its business, a thorough review of strategic alternatives is a prudent step to enhance that process,” the company said.
Toronto-based Neo also appointed John McGarva to its board after consulting with Australia-based Hastings Technology Metals, which is a significant shareholder of the company.
The company said McGarva is independent of the Australian firm, and that the strategic review process was not being undertaken at the request of Hastings.
Last year, Hastings had signed a deal with Neo to supply up to 25,000 tonnes per annum of rare earth concentrate for Neo’s downstream processing facilities across Europe and Asia from the first quarter of 2025.
(By Vallari Srivastava; Editing by Krishna Chandra Eluri)
