Thanks for running an eye over this @Bear77.

I'm across most of the info you mentioned, in fact anything that is publicly available. There was no surprises (at least to me) in the annual report, so I'm thinking external forces or internal buyers just happy to see they are moving ahead with what was promised previously e.g. mining leases and ongoing drilling that is getting good REE results to date.

Buy on the rumour, sell on the fact? Today's drilling update from Victory Metals says, “The positive XRF analyses 2.6km south of our existing MRE indicate the potential for mineralisation beyond what we have already identified and provides an exciting opportunity for resource expansion." 

That's the idea of the drilling of course, but no positive SP movement today on this update after plenty of upward momentum over recent trading days, especially yesterday. Could just be money rotating into Australian Rare Earths and people thinking that this project has some positive movement both in terms of permitting applications and resource expansion @lowway .

But I agree with you that the magnitutude of yesterday's rise does seem to suggest some serious buying either by insiders or someone outside trying to build a decent position. Perhaps a WA-based iron ore billionaire? What's Gina been up to lately?

Ha, so right @Bear77 and almost as quickly as they go up......they go down. Still seems like they are heading in the right direction and worth holding for the longer term in my SM portfolio. Sold out of my IRL portfolio but may buy in again down the track if drilling continues and positive results follow.