MST Access has initiated coverage on AR3 with a A$0.38 valuation, versus a current price of A$0.100. The note points to Koppamurra's low-capex, shallow clay development - A$178M capex, US$38/kg AISC, ~1,860tpa TREO - and a heavy-rich basket that sits where Western supply is scarcest. MST sees material upside as AR3 progresses through pilot plant work, approvals, offtake and funding.