Who benefits from Low ARU SP? Directors or Equity, page-38

Disgusting it is Birch. ARU at such an advanced stage - yet "for now" no positive shift to SP for reasons known.

I am filthy - however coping better than many as I could see this collusion some time ago where as many are just realizing.

End of the day we want Nolan's developed for long term gains - the 5 years etc we often mention. It will not arrive without the equity being closed out. It is critical for all to understand this - no or low equity participation results in no Nolan's development. The debt closure is excellent - but the equity is absolutely critical and even more difficult in current mine project development funding circumstances.

If ARU have to kowtow to Insto's - benefit themselves at the same time - so be it. It is this way or the highway. We are not in the drivers seat for now - forget all the NdPr pricing - ex China supply forecast deficits and all the advanced stage ARU have achieved - we require a whole lotta equity or we do not progress.

Worse if no equity or substantial shortfall - Gina swoops in - does a deal with Gov and takes the lot haha. Kidding - we will get the equity in good time.

The most significant issue for me - after all the changes re ECE departure Dec 2022 - we have advanced the Nolan's project delivery considerably recently and we only have one major box to tick and we are - as Darryl stated - ready to commence construction straight away. I would consider first quarter 2025 a strong possibility. In any case once the equity arrives - watch them flick the switch and push the sp north - that 40c in 12 months I previously mentioned arrives plus much more in the future on those remaining 2 pillars I mentioned.
We will have the most significant risk event removed - that of project financing.

Very interesting cover on 4 corners last night. Trade tensions - protectionism East v West set to not only continue but increase quiet some.

The incredible amount of electricity required for future AI tech will see a great deployment of renewables to provide such. Silicon valleys style AI hubs with their own renewables power grids and all that NdPr in the tech machines and renewables power supply.