2021 - General Discussion, page-5766

I disagree, I think at the very best, punters were thinking a 50/50 JV, Alcoa of Australia is 60/40, so to get 35/65 is quite a feat considering we are bring a very low asset base into the JV, just the tech really, Cadoux is not part of the JV.

The most important consideration looking long term, is we have 35% of everything Alcoa does with HPA. The growth opportunities in the HPA space are enormous. We will have 1st mover advantage whilst others are still chasing finance. I'd much prefer to have 35% of everything Alcoa does in this space, than 100% of Kwinana, which just as for the other HPA aspirants, would come at the cost of dilution.

Shareholders always look short term, FYI shareholders had a 10 bag growth last FY, so it is only natural they'll be disappointed with slower share price appreciation this FY. Longer term though, we are set up for fantastic growth.