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REI Scoring Rubric

The REI Score measures the credibility and operational maturity of a rare earth facility or upstream project. It is scored on a 0–100 scale, derived from five equally-weighted dimensions each scored 1–5. The score answers the question: how real is this asset today?

REI scores are updated as new evidence emerges — commissioning milestones, financing closes, offtake agreements, and expert analysis. The evidence basis for each score is tracked in REI's internal evidence database.

Separation
Weight: 30% — the primary bottleneck dimension
For upstream projects: credibility of separation pathway
5
Proven commercial-scale separation
Facility is operating at commercial scale with demonstrated product specification.
4
Near-commercial / scaling
Pilot demonstrated at meaningful scale; commercial ramp underway or imminent.
3
Pilot demonstrated
Separation process validated at pilot scale with product data published.
2
Concept / partial validation
Separation pathway identified but not yet demonstrated at any scale.
1
No credible pathway
No separation pathway committed or mineralogy makes separation unproven.
Execution
Weight: 25% — operator credibility and delivery track record
5
Proven operator
Operator has delivered comparable projects on time and on budget with commercial production confirmed.
4
Strong execution signals
Construction or commissioning progressing on schedule; no material delays.
3
First build / mixed signals
First project of this type for the operator, or track record is mixed.
2
Weak execution signals
Repeated delays, budget overruns, or management credibility concerns.
1
Not credible
No evidence of execution capability; project claims are unsubstantiated.
Feedstock
Weight: 20% — security and reliability of raw material supply
5
Fully secured and aligned
Binding long-term offtake or own mine with demonstrated throughput.
4
Mostly secured
Strong committed feedstock source with minor concentration or quantity risk.
3
Partially secured
Feedstock identified and under negotiation but not contractually committed.
2
Weak / inconsistent
Feedstock plan relies on unproven sources or has known reliability issues.
1
Not secured
No credible feedstock plan; dependent on uncommitted third-party supply.
Capital
Weight: 15% — financing certainty and depth
5
Fully funded
Construction capital committed via debt, equity, or government loan; no financing gap.
4
Strong capital position
Majority of financing committed; clear path to close remaining gap.
3
Partial funding
Some capital committed; meaningful financing gap remains.
2
Weak funding
Capital plan relies on uncommitted sources or government funding that is not yet approved.
1
No real funding
No committed capital; project is concept-stage from a financing perspective.
Strategic Importance
Weight: 10% — system-level significance to Western supply chain
5
Critical node (system-defining)
Loss or absence of this facility would create a material gap in the Western rare earth chain.
4
Important
Meaningful contributor to Western supply chain resilience; strategically relevant to allied governments.
3
Useful
Adds capacity or diversity but not uniquely critical; peers could substitute.
2
Limited
Marginal strategic contribution; duplicates existing capacity without meaningful differentiation.
1
Minimal
No meaningful strategic contribution to Western supply chain security.
Gating Rule

If Separation ≤ 2 or Execution ≤ 2, the total score is capped at approximately 60/100 regardless of other dimension scores. A project that cannot demonstrate a separation pathway or credible execution is not investable regardless of its capital position or strategic framing.

Score Tiers
80–100Tier 1 — System-defining. Operating or near-operating with proven credentials.
60–79Tier 2 — Real but not yet fully de-risked. Credible pathway, meaningful execution risk.
40–59Tier 3 — Pipeline. Material uncertainties remain on separation, capital, or execution.
0–39Tier 4 — Exploration or speculative. Not investment-ready on current evidence.

REI scores reflect the state of evidence at the time of last scoring. They are not investment advice. The benchmark for any score is Lynas Rare Earths and MP Materials — the two assets against which all others in the Western pipeline are measured.