Ann: Investor Update Call, page-29

Happy to be fact checked and corrected, everyone becoming more knowledgeable about the situation. Major flaw... I think not. Charles says Finavar finance deal fell over because HAS didnt; have the off-take in place and he was correct. No off-take, not enough off-take, can't be half pregnant and deliver the project. No, splitting hairs vs misrepresenting DFS outcomes and Con-note loans as cornerstone investments... that's more major flaw stuff. What was the second major flaw in my analysis?

Absolutely go for as much cheap, extended repayment government debt as you can, mad if they didn't. ARU got both NAIF and EFA loans, but at $300m out of ~$1.6B total funding (looking for ~$500M private debt) taxpayers are on the hook for a reasonable % of the total debt package. My point is Aussie guv debt (dumb money) should be de-risked by sitting next to matching private debt (ie smart, risk adverse money) than all-in by themselves. SO4 went under during ramp up and took down dumb NAIF and smart Taurus PE debt, so they don;t always get it right, but PE has a much better track record than government investments (state or federal).

Sounds like they been in bed with just about everyone else anyway. Nordic bonds at 12% very fair debt imo. I gave two examples of WA located, NAIF funded projects getting 12% debt including STA literally Nordic bonds and before interest rates rose from ZIRP. I've recognised many major flaws in reporting and excuses, not a fan of that style of management. Looking forward to seeing the new DFS update when it drops. Flaws are like cockroaches imo... when you see one you know there are more hiding behind the walls.