The Node-First Framework

Rare earth markets are commonly analyzed from a mining-first perspective. This approach misidentifies the true bottlenecks.

The primary constraint in Western rare earth supply chains is separation capacity, not ore availability. Upstream projects are therefore dependent on downstream processing nodes.

The Node-First Framework evaluates projects based on:

• Separation capacity and element-specific flowsheets
• Government capital intervention and underwriting structures
• Realistic price formation rather than speculative demand growth
• Integration risk between mining, MREC, and separated oxides

This framework is designed to clarify what is financeable, what is capacity-constrained, and where structural chokepoints exist.