Ann: KPMG appointed Corporate Advisor for Ardea Strategic Partner, page-40

I am of the view that we will see the samples sent to potential customers within coming next month and a deal by the end of the year. Remember there are a few other studies being worked on like the Scandium/on site neutraliser which will have a significantly positive impact on the financials of the project. I am sure that ARL will want to provide that information to any potential strategic partners.

They are looking to knock off as much of the conditions precedent (CP) during the due dilligence/data room phase.

If you look at the deal AUZ announced earlier this year - there were still a number of milestones to be met prior to funding (incl. providing samples, BFS etc etc) which resulted in the situation now where financing timeline has been pushed out further than the market expected and they had to raise funds. ARL I believe wants to avoid delays in financing after they announce a deal and also maximise the competitive pressure and I believe we will all be positively surprised at the deal we end up getting.

These guys don't have a lot of options to lock up Nickel & Cobalt long term in a stable jurisdiction so the competition will be massive.