Retail Investor Call with Darrly & Peter, page-23

Well the directors of ARU are responsible for CURRENT shareholders. They have to act in our best interests. And it was interesting that Peter (CFO) said “cornerstone investors can see past the current share price”. This speaks volumes to me.

in my opinion, we will see FID this year, I think current shareholders will get an average to Ok result in the short term.

but for those of us thinking long term….the future is exceptional. My reasons for thinking this way:
- we have sooooo much debt / equity cash and cost overrun facilities. I don’t expect all of these will be used. So part or all of them can be applied to Stage 2 or an acquisition.
- we will have large revenue cash flows. And this can also be applied to Phase 2.
- the scale of Phase 2 is massive.
- NdPr price is going up
- nothing of scale in terms of other ex China supply coming online any time soon.


so yes this final cap raise is dilutive…but if it is the last raise…and you believe any of the points above…this will be a great investment.