Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-35

ARL can be said to have two Ni/Co junior peers in Canada, being FPX Nickel (Baptiste Project containing Awaruite-hosted Ni) and Giga Metals (Turnagain Project containing NiS ore).

They are peers of ARL in terms of:

• Having recently completed PFS.
• Collaborating with either Sumitomo or Mitsubishi to progress towards DFS and eventually mine development.
• Having multi-decade life of mine.
• Having comparable planned annual Ni/Co production.
• Having comparable overall PFS economic metrics, albeit the individual details are quite different.
• Situated in low sovereign risk and mining friendly country.

Sumitomo took 9.9% interest in FPX Nickel's issued shares.
Mitsubishi took 15% interest in Hard Creek, which is a subsidiary of Giga Metals, formed solely for owning and developing the Turnagain Project.

The conversational topics held over dinner between ARL and the JC might include:

• Deciding a proven corporate structure/model to ring-fence the Goongarie Hub resources for mine development in partnership with the JC.
• An invitation to the JC, especially Mitsubishi, to a royal tour of the NiS tenements at Emu Lake, Kalpini.
• The attractiveness of Goongarie Hub such that both Sumitomo and Mitsubishi are keen to be involved, in contrast to usually only one of them entering into project partnership with other Ni miners.

Based on FPX Nickel and Giga Metals milestones, not surprised if ARL's negotiations got stuck at making the difficult choices between taking a share in Goongarie Hub or a share in ARL's issued capital.
It is possible that one party prefers Option A while the other prefers Option B.
It is also possible that Option C (Emu Lake) is tentatively raised by one party.

The time for the JC to walk away has long passed. They are operating from a different level now.

All. In. My. Opinion.