Ann: Amvest Webinar Presentation, page-21

Couldn't agree more.

Not to downplay the fantastic exploration and resource definition/expansion work that happened in the distant past and delivered 56 million tonnes (and what a fantastic resource base it is), but I feel like ARU has only become serious since around the middle of 2016 when they announced a major change to their met flowsheet to use phosphoric acid in the leach, lowering both opex and capex and introducing a new revenue stream. Later that year they started their flowsheet piloting which took them three years to complete, finally delivering high quality REO products that customers have now qualified. Then they stopped mucking about with multiple site sites (remember Darwin, then Whyalla, then Korea?!) and consolidated the entire project at Nolans, including RE separation. They delivered an excellent DFS with phos acid leach/100% Nolans site processing as the base case. And on that basis they NT/Aussie environmental approvals, their native title agreement and mining lease - bang bang bang! Also major project status from both NT and Aussie govs, these could become really important to support the financing.

So in reality ARU is just entering the fifth year in its development of Nolans! I feel things are set to take off.

GLTAH