Ann: Arafura launches A$20m placement and A$7m SPP, page-192

It’s not easy forecasting timelines,and it’ll usually be other parties holding up internal board approvals or unnecessarily stubborn on t&c and docs.

My best guess is started some time ago, as you alluded to, they expect to take maybe 3-4 months from now all going smoothly, building in a first delay buffer and still get done pre-Christmas.

If not they will have concluded and announced at least some of outstanding pre-Christmas giving confidence to shareholders remainder in Feb/Mar after Jan hols.

In no way do they think it’ll drag out to June next year, but have a cash buffer to give security they’re not down to last $ when it’s done.

Timing risk should hopefully reduce pre-Christmas with multiple announcements at least closing some of the offtakes.

Prudent planning. Comes down to confidence in management. The debt closure supports my positive view and thoughtful planning of management.

My personal view only.