Ann: Bell Potter Unearthed Conference Presentation, page-36

Some sensible comments re NdPr pricing but ARU unlikely to realise even the base China domestic values given the hefty import taxes on oxides, particularly con & carbonate (recently lowered for obvious reason).

Simply isn't the NdFeB capacity ex China and as/if it develops Lynas 6500tpa, MP 6000tpa are years & years in front of ARU to meet that demand, which of courses raises one of the major issues in raising finance, no direct or spot mkt ROW to provide security to the lender on long lead time project with a strong history of lengthy delays & failures. Took Lynas 2.5yrs to get on spec, and a host of issues after that, Moly spent 3.5yrs and failed, even NTU's little carbonate "pilot" failed to make spec, easy to see their costs blew up.

Doubt any potential offtake or finance would find ARU's ridiculous claim "production" 2024 the least bit credible, little wonder they are not being taken seriously, particularly with a CapEx that hasn't been updated for some time, and US printing 7.5% CPI.

Speaking of which you appear to assume ARU can borrow 100%!!! From memory Gavin stated they'd need to raise $500m equity (Crux?), likely +$600m once CapEx is adjusted. In your second piece you suggest ARU only capable of raising at 18-22c which would be another 3Bn SOI, very unlikely but makes a mockery of your $1 SP.

Plenty more but I'll close agreeing:

"I also see a change in management occurring later this year, I'm quire certain that Gav, Pete & Mark have had enough themselves plus we'll need management with construction/commissioning experience in Resources."