Ann: Arafura launches A$20m placement and A$7m SPP, page-261

Very interesting details and quiet an extensive coverage there Ski. Contrasting though to what management have advised - a couple of notes:

CAPEX now AUD 2.16 billion - previously advised no material increase to guidance of 1.8 billion!
Equity stated in article is AUD 750 million - 30% of CAPEX - .not the US717 million advised and that eye watering amount.
Equity closure target remains EOY.

So what to make of it! Are management diverting from the 50/50 debt/equity strategy? That would certainly reduce dilution considerably - it would also certainly make the enormous task of securing the substantial equity easier. Stage 2 is a long ways off and can be financed through cash flows and further equity at a much higher premium in say 4-5 years.

Very interesting however as always believe nothing you hear and only half you see - the 100% facts will be known very soon. So very close now after a monumental shift and 20 months of critical progress to deliver FID and commence full construction.

BWTAH - have a great weekend.