Not like I should be surprised at the performance of any stock...

Not like I should be surprised at the performance of any stock in the current climate, but 1.1c seems extreme. Market cap of $3m, this puts it into the ranks of companies on death row. HSBC just lent the company $2m, unlikely the bank would have been taking a punt. I believe the company has over $3m in property assets alone, though it's common for companies to trade below NTA in current market.

Does anyone have precise figures on the FMG contract? From what I understand the net margin is to be in the range 20c, so at 7.5m liters p/a, gives us $1.5m.

Tallow price spiked up pretty much the same as commodities (and over same time frame), no reason to expect it won't come down significantly - I assume this will be of benefit to ARW.

I wish the company would produce a revised profit guidance or something, rather than surprise the market (preferably of the good variety :) ) later down the track.