Prices for key magnet rare earths, namely neodymium, praseodymium, dysprosium and terbium continued their upward trajectory, increasing by an average of 5.1% month-on-month in January. Increased purchasing activity ahead of the Spring Festival closures facilitated this increase. Despite the removal of subsidies on new electric vehicle purchases within China, we expect demand to remain strong, driving prices higher in Q1 2023. To address geopolitical concerns, governments around the world are looking to establish diverse and secure supply chains. Some ROW developers have enjoyed recent success in raising finance to aid project development; however, the downstream portion of the supply chain remains significantly under-developed, preventing total supply chain security.