ARL chart, page-3793

Yes dilution will be limited perhaps a palatable amount to compliment and reduce finance requirement but the big thing I know us locals here get it is the incentive for JC to sort out funding.

It's just funny reading and hearing comments about capex and how much the Japanese get and getting finance.

Don't seem to be able to comprehend this deal all but ensures funding unless there is some blow outs in the DFS.

Arufa got 840 million loans deal from the government, it's totally realistic for ARL to get 1 billion, we could equity raise and offtake some more and then the Japanese can secure loans to earn there 15% that's a massive incentive for them.

Sumitomo are 80% so on the hook for 79 million of the 98.5, they understand nickel laterite mining and HPAL better than anyone.

If they thought getting finance was a problem they would not have provided the cash period, so it comes down to the DFS confirming the capex and viability of the mine.

I am optimistic they can actually improve on the PFS numbers and if nickel gets up around 25k it's game over.