Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-20

Great outcome, we maintain an extremely low number of shares on issue and 17 million in cash.

Most companies end up issuing multiple times to get to FID on a project this size and end up with multiple billion shares on offer far more dilution than the 50% of KNP we are losing if we get to FID.

Management have been elite in maximising raises and minimising dilution, in this deal we see them encapsulating KNP and excluding the rest of the company. This allows shareholders to enjoy full benefits of our other opportunities.

Our 17 million can be put to use on other projects while the DFS ticks along, indeed we can now shine a light on our sulphide exploration which is likely another significant project in its own right