Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-145

I eco all your sentiments folks. @RED328, @ClockworkSmurf ,@Harley64, @motorcycle man,@DDTRH,@Rewop and too many others to name. & never forgotten SallyWill (account deleted I think?).

You guys/gals have been here as true backers of Ardea since my Day 1 onto the register in 2019. We are a humble bunch and not dismissive of people with views that are slightly different or sometimes very different from ours.

Occasionally we have trouble makers on this forum, who I have now learned to ignore (Mostly!). And than many a times we get very enthusiastic new supporters who think they know everything. All are welcome here.

Ardea is developing into a fantastic story (A future ASX 100 as@RED328 said)- We all know this is not a "get rich quick" type of story. Our leaders donot believe in "spruiking". They are busy developing long term relationships and partnerships that are based on mutual respect and trust as opposed to being over smart, diminutive and misusing the critical minerals thematic.

I am very pleased with yesterday's announcement, as I know you all are, and I am also happy that markets are responsible in terms of not over reacting to the news. There is a very tough pathway to DE risking KNPL and Unlocking the value in Kalpini/Yarilla etc. I am happy to spend next 5 years of my life attending every meeting, reading every word, and taking every opportunity to connect with management and other shareholders, listening to feedback and opposing views. I am prepared to take set backs and losses on the way.

Perhaps wait and let this thing play out. The DFS is a very important piece of paper and we can only reasonably expect next major re-rate closer to that. Until then we are going to be in a slow grind, with some news flows coming every now and then especially in relation to Export finance commitments, development of other assets etc.

I anticipate some strategic players will start building a position now (<5%) so they don't have to file the significant holding form. But lurk in the shadows , just under 5% waiting for DFS. This could include people like Gina, Andrew, Chris or large corporates/traders.

I also think the 25% unencumbered offtake has value - It was Mitsui's share that they left on the table. I can totally see another Strategic partner joining the party at FID - Someone has to fund Ardea's equity share. Assuming 70% debt funding of $3.1. ARL will be on the hook for $500m equity contribution which could easily be done if we sell the 25% offtake and part interest in JV post DFS, FEED etc.

Look forward to playing the long game and I am sure most of us will be here along that journey.