Ann: Successful A$16M Capital Raising, page-33

Again, disingenuous take. We are talking about multi-billion dollar entities and governments. They have zero problem arranging finance...if they want to. To suggest the consortium would have difficulty arranging capex is laughable. The argument could be made ARL would have difficulty, sure. But it's not ARL who would be arranging finance alone, if a decision to proceed is made.

So the question is not if ARL can arrange finance, it's do our partners want to proceed and they will obviously assist with finance. They are not going to sign something binding then put zero effort into helping, wasting their time, money previously spent and reputation. Laughable take.

If you want to down-ramp you would have more success trying to discuss if a deal will go ahead, not this current argument which falls apart after 2 seconds of research.