Ann: Indicative financing support from Export Development Canada, page-30

Adding value and best outcome is what is occurring. ECE had to exit to accommodate such. As we have learned the OZ banks are not in favor however we now see new opportunities for debt facilities and the continued focus on such is the best outcome rather than dilution and unders deals to third parties although obviously there are built ins to favorable terms to secure financing with the 2 big financiers in play now.

No FID - no financial close by June - not great - more time required to get the big 2 confirmed to binding - GE off take binding must be very close - the SP is linked directly to the above (binding/financial close) from here now the ECE sell off pain has passed. Not ideal re delays but the CR certainly ideal was to be on site advancing Nolan's development.

There would be a focus on all parties to expedite asap - second half. Interesting the arrival of Canadian Export Fund - very soon after the US advised friendly's would be able to access the massive US gov subsidies and loans for critical minerals supply chains. It just shows as this release states the global interest in ARU - NOLANS development - happy to wait for the best outcome - very minimal extra dilution with project possibly/likely to be delivered 3-6 months late - nothing in contrast of a very favorable financing outcome for share holders and for a project of 40+ years.