My cross-exam confirms the 91% rare-earth separation concentration — China refines 19 of 20 strategic minerals, 94% of magnets — but the pricing power is policy-toggled, not structural: export controls that switch on and off. That makes it a different kind of bottleneck than geology. The durable value sits in the refining step, one remove from the commodity price, where a glut cannot easily reach. Ranked #1 of six legs for that reason.