Ann: March 2024 Quarterly Activities and Cashflow Report, page-8

Quite dissappointing announcement. Unfortunately my idea was moving in right direction - you can have wonderful business, but if don't have money, you get bag pulled over your head.

ARL mentioned that that agencies and institutions are showing high interest to finance project, but their requirements for the capital are greater than equity, which is logical, but they kind a pointing to easier path. JC gets 49% of project, full offtake rights and I wouldn't be surprised if ARL has to finance according to share - 51%. I'm scared that another Pilbara minerals is in making - multi billion SOI. 51% is somewhere 1.6 bln $.

Now we need to pull 3 eared rabbit out of the hat, otherwise will be sailing in sea of dead. With current outlook can't see any chance breaking 1.98 $ level, if we even make it that far.