General Discussion, page-1518

Hi Birch - if you do hear from the company - can you please reference the presentation at around 11 minutes and 20 seconds where G states Euler Hermes 600usd million facility in lending. Have another listen - the way he states it - it is a loan - not a guarantor of up to such 600usd million.

The fact he says we are currently looking shy of current market cap of 500 million does not necessarily imply it could be all from current insto placements and retail - just putting it out there for any insto's in the room - or to get word out that ARU looking for additional capital - my take anyway. They and bookrunners have assembled multiple finance options - looking shy of what's needed - why not put it out there in the mainstream on the opportunity of Sydney gig. Anyway clearly offtake is the key for now - which there appears plenty of options - but attaching finance to more of that is not forthcoming - why - well the offtakers can currently secure supply from China no issues or risk - no ESG credentials but they don't give a rats really even though they are supposed to given their business is directly associated to renewables - and the time will come when companies are named and shamed for such but that's another matter. Or they can secure future supply possibly from the likes of Lynas - Iluka in the near term or Vietnam - with no up front large capital requirement.

Anyway very close - it was always shaping to be a serious issue - its a serious amount of money stemmed from years of delays - shorts were all over it whether had inside knowledge or not - it became obvious post mid year and missed advised timelines they were basically misleading investors.
We wait for anything from AGM report and quarterly and the GE off take to become binding - which he just stated "we hope shortly" - well I bloody hope shortly to - then they can get on with the CEA finance process and close out the remaining off take to required 85% from all the multiple over interested parties from Japan to Eu and US - those household names he mentioned - fn Bunnings - whoever.