Ann: Arafura launches A$20m placement and A$7m SPP, page-180

In my view just because they have done a CR to raise funds for a 'runway' to mid-2025 does not mean they believe FID will take till mid 2025.

It’s contingency for worst case scenario. Would it be prudent to spend your last $ on the day you intend FID. No. That would be suicide and very poor planning.

From the CR announcement “The Company remains focused on the completion of the equity component of the funding requirements for Nolans (and offtake activities) by the end of 2024.” What’s left after equity and offtakes……..only FID, immediately thereafter as there are no further impediments to such decision. Their target remains end 2024.

As also mentioned in the quarterly, “noting that once FID is achieved, funding shown in the table may be re-allocated towards Nolans’ Project execution.” Further support of timeline.

It’s clear to me DC is giving clear guidance end 2024, consistent with the timeframe in the quarterly, and providing a prudent backstop for worst case scenarios given complexities of said transactions and unforeseen market events.

Only my humble view of course.