Ann: Arafura launches A$20m placement and A$7m SPP, page-169

I've read all your replies, so thanks for sharing your thoughts. I'll give a general reply to everyone below.

We can all see the long-term potential here otherwise none of us would have invested. If they pull this off, it could be a 40-bagger from these prices.

The biggest risk is a delay in FID up to or past mid-2025, as indicated in the CR report. This would diminish investor confidence and potentially require another CR, pushing the SP down further.

Comparisons to Lynas are valid, but until FID is complete, and they start building the mine, Nolans remains just an idea.

Despite the risk, I've invested recently due to the company's significant milestones since January. The current price, trading at early 2024 levels, seems worth it given the progress ARU has made and focus now on FID. However, management has had timeline inaccuracies, like expecting main construction to begin in Q1 2024, which was unrealistic given where the business was at the time of the announcement (October 2023).

What really got me going is the recent quarterly report stating FID by end of 2024, only to change it to potentially mid-2025 within 24 hours. I’d rather they make a clear decision instead of showing indecision.

The question I have is, when will the delays start getting a bit ridiculous for you guys? 2025? 2028? 2030, 2035?