Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-13

$100m into DFS for 35% of the project values ARL at $280m at face value

I'm surprise consortia can only earn up to 50% of the project.

this looks bullish to me, combined with Madeleine Kings comments on the release.

I think we will see a huge slice of the capex coming from Australian and Japanese debt, and offtake terms that de risk the debt via a price floir

which means we are walking into 50% of a mega project with minimal dilution and plenty of free cash flow

I need to model up some scenarios but I see us comfortably being a $3b++ entity as this project hits production with minimal dilution - I.e. we nudge $15 by say 2027...

given the very significant de risking, the market could easily make this a $5-10 stock and hold us there while the finance terms are worked through