Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-58

Personally, I'd prefer ARL to sign on to a JV with the consortium as that takes a fair bit of risk out of the equation. But, at the time of signing, I would like to see some indication as to what is happening to (or the thought process behind) the Kalpini and Yerilla Hubs. That includes Black Range, Siberia Sth and Ghost Rocks, which have all been excluded from the Goongarrie Hub MRE at this stage.

ARL have stated throughout this process that other interested parties are still running the ruler over these Hubs, so given the time elapsed it would be reasonable that some decisions are imminent there as well. Given Kalpini and Yerilla combined have over 2Mt Ni, neither project is insignificant.

I'd expect a fair bit of mkt interest should the consortium sign on, as it did when Vale signed on to fund the PFS years ago (and as it did when BHP took a sub stake in ARL as a result). But that was another time and place...

But, until then - we wait for news...