ARU - Till Year end 21, page-125

Do some homework, ARUranium was one of a number of failed uranium explorers that found it had some RE traces as RE started to become topical as uranium nosedived, they are easy to identify via the U in the ticker, NTU, Ucore, GGG an exception, like ARU none have developed into anything like a business in over a decade.

Nick Curtis was CEO Sino Gold thru the 90's and saw just how the Chinese valued RE, particularly their efforts to heist Magnequench from the US.

He returned to Australia ~2001 and very purposely bought a premium RE resource at MtW, 17% average grades last mining campaign, current blended stockpiles 14% TREO, but even then it was a hell of a battle to build a successful business.

ARU still carry that legacy 2700ppm Th, and still haven't got to first base building a business, note you have given up on all those offtakes before EOY, only a matter of time before they need to update CapEx, +20% would be modest.