Ann: EDC provides conditional approval for US$300m debt facility, page-38

Super Fund is no doubt going to take equity. Arafura have indicated this is one of the investors from memory.

This means less equity to raise.

Add in strategic equity that Arafura have indicated on numerous occasions (and tied to offtake - probably what is being negotiated now with the numerous offtakers now vying for what is remaining ).

Add in the cornerstone investor that Arafura has also indicated numerous times is part of this.

Add in Gina wanting 20% (up from current 10%).

There may not even be a capital raise for equity.