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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 18 to 22.Analyst Certification on page 15.Price Objective Basis/Risk on page 15.12889957 Global Rare Earths US&Australia critical minerals framework is the beginning of various govts support Industry Overview Start of a collaborated govts support in rar

4、e earths On Monday(US Eastern Time ET),the US and Australia signed a Critical Minerals Framework aimed at accelerating development of ex-China critical minerals and rare earths supply chains.Both countries have financial commitments toward mining and processing investments.In our view,the US&Austral

5、ias agreement to collaborate and financially support the rare earths industry was largely anticipated by the market.The positive outcome aligns with our view that Chinas rare earths controls would likely lead to the acceleration of ex-China development and governments financial support(refer to Enha

6、nced rare earths exports control).The partnership between the two countries sets a global supply-chain cooperation model for others to follow,despite remaining at a high-level stage with more details,such as project selection,likely to be announced later.We also think this is the beginning of variou