Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-417

Chinese links yes, but they are Indonesia's 2nd wealthiest family so that's kinda unavoidable. My impression is they play both sides just like what India does in geopolitics. See russian oil as an example.

For point 1, I refer to the AISC not the actual grades. It gives a better picture as to profitability itself. I have not yet found a single DFS/BFS that compares to Indonesian Nickel and can run at scale in Australia. If you do know of one please share it. I firmly believe that is one of the biggest reasons the Japanese signed on to ARL, it's a very unique characteristic for us to be geopolitically favourable while also able to stand on our own 2 feet economically.

Nickel west is the perfect example of how grades are not everything. It costs them about 20k per ton to produce, so Indonesian Nickel has driven them into the dirt while we would be still turning a profit at these prices.

I respect that fundamentals are a long game and anything can happen short term in the absence of news with traders, instos and all sorts of games...this is the ASX after all, but I'm just not seeing the fundamental issues being behind the recent price decline.

It's on such small volume you can see the big players are not selling. The Japanese effectively raised at a massive premium with us, which is a huge vote of confidence. It does not make sense on a fundamental basis, I'm sure there's technical reasons and other stuff going on but It does not faze me since I'm not that sort of investor and I plan to be here for production.

Bit of a shame though, could have gotten more shares cheaper but it is what it is. I'll also be buying as my cashflow permits.