Ann: Quarterly Activities Report and Appendix 5B, page-26

They were keeping their cards close to their chest, but during the final question, ‘B’ made an interesting comment suggesting the US could be the potential joint venture (JV) partner. DC didn’t deny this—despite it being the first time the US had been mentioned—and his body language indicated agreement, giving the impression that the US is indeed involved.Earlier in the investor briefing, there was a reference to Trump initiating a 180-day review into the sector, which now seems relevant in the context of this possible US partnership. The discussion felt like a new and unexpected development—something that’s only just come onto the radar.

They were very clear that they have strong government support regardless of which party is in power. The upcoming election isn’t a concern in that regard.

They also clarified that there’s no interest-free loan involved. That idea was actually new to them, and they were confident it’s not on offer. This suggests they’ve had detailed discussions with the government and are across all available options.

There’s speculation that the JV partner could be either the Australian or US government. That said, they made it clear they’re in a strong position to proceed on their own, with more than enough equity already in place. So while the JV represents an additional opportunity, it’s not essential. It’s a win-win—they're well-funded as is, but this new opportunity is now being considered. It sounds like market conditions have shifted in their favour.They also mentioned they’re the “first cab off the rank” in terms of government engagement, which suggests both the government and investors are responding positively to their position.

When I asked directly about how many JV partners and also dilution, they said they’d share details as soon as they were able. DC said if they go down this path, it would reduce dilution - that was the big consequence and purpose of consideration. Overall, the tone was very encouraging and I like the reduction in dilution which creates less shares on registry and also scarcity in shares available for purchase going forward.

They mentioned, many times they are reviewing this with shareholder interest in mind, it felt authentic, and knowing all the changes they have made, there are many items and refocus on looking after our interest. There will be many cynics that say they only look after instos etc. But I have noted many changes that shows they are supporting us - consider the removal of UBS.

For now, I'm much happier with progress and how they conducted this meeting in contrast to DC's first few attempts. They even stayed to script and many good questions followed.

@chokdee JV talks will be genuine. Serious items playing out on global scale, so makes entire sense.