Ann: Bell Potter Unearthed Conference Presentation, page-38

Management have stated a 50% debt 50% equity funding split is likely, I agree that will make a $1 SP difficult. However it will all be dependent on what conversion price is struck for the equity component of the offtakers/EFAs/project financers funding.
I can see a mix of $A300mil from Australian Govt loans (NAIF& ECA); $A300mil offtakers; $A200mil foreign ECAs; $A100 mil resource financiers; $A150 mil instos & retail SH. The $A500 mil (Aust Govt and foreign ECAs) will probably be limited to debt only financing (no equity swap), the offtakers $A300 mil should be limited to $A100 mil option to equity swap, the resource financiers will probably push for 100% option equity swap and of course $A150 mil shareholders equity. Of course at what price is the big question that really even I have no true insight into. But I am a realist and can see if all the chickens line up at the right moment (that is August 2022) then even a CR (and debt to equity swap price) of 30-35c is quite possible for the $A350mil equity component, thus the lowest further SOI should be another 1.0bil (for a grand total of 2.6bil) and yes its possible if the chickens don't line up, then the highest could be a further 1.8bil (grandtotal of 3.4bil SOI).
So yes an overall SP $1 for ARU is going to be quite an achievement, because it will be above my fair value calculation (but stranger things have happened in the stockmarket, even LYC at $11 is well beyond anyone's fair value calculation Disclosure addit: I sit at $7 with a buy order)
One must also remember that each shareholder will be able to participate in the CR/equity funding component, which I'm quite certain will occur as a 1 for x (likely 3 or 4) Entitlement issue at the CR price, thus SH will be able to increase their exposure also (and thus multiply their profits along with the funders) so a $1 SP is not necessary to see high $$ profits.
Also I have mentioned that if you are in ARU you should be building up a cash balance in order to participate in the CR later this year (part of the reason I will be selling 10% of my SH prior to Aug 1 to fund part of this purchase)
Yes current management, in hindsight, have been too slow to progress project, and yes its probably a daunting prospect for financiers/offtakers and foreign ECAs to commit to a project that LYC took a while to succeed in accomplishing, BUT the ROW needs this type of resource, found in a politically stable (and US Euro Japan friendly) Democratic innovative country, which is looking for export $$.
Australia is a powerhouse of renewable energy resources, which the world is beginning to realise and come a knocking on our door.
We need to choose our friends/partners/allies wisely.
Elections are looming ppl, choose wisely also.

Solely my opinion, it is based on my research and mine only. I have been wrong before and will likely be so some time in the future, as I have stated in past posts, this company is NOT a get rich quick type of investment, it is speculative now and has decent downside risks, but with positive news flow (OTs financing etc) this will move (and quickly imo), and yes it will become overpriced and fall back, but some day it will be in production and it will be more than fairly valued, and it will be churning out good profits (with dividends) that will more than make my children happy. And if the resource ends up proving to be bigger and better than currently known then the SP will reflect that accordingly, and yes it could then reach a Capitalisation like LYC of $A8 bil+ (Disclosure Own 1.25mil shares)