Ann: Arafura launches A$20m placement and A$7m SPP, page-303

Interim capital raise

The interim capital raise was done for the primary reason of improving our financial runway so that it was not a concern for new investors that would stop them providing the equity to reach FID.

Why would institutional investors give us close to U$S800 million in equity if we were running out of cash? If they did, they would likely want it to be at a discount to the share price to compensate for the risk, which is hardly helpful for our current longstanding shareholders. Unused interim capital raised will come off the ultimate equity raise i.e., it will go towards building the project.

Makes sense! Party time!!!