Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-409

NPV of the mine is $5b, with 75% offtake tied to 100% finance.

my reading is that ARL will still own 50% of the cash flows once fully funded.

Pre dilution, that's us at $12.5/share, and 70% of the finance will be debt at a rate well below the discount rate used to calculate NPV.

DO THE MATH.

The DFS will contemplate making the project larger (4Mt throughput not 3.5) and we still have about 30% of the nickel to be developed with other strategic partners.

So if we land additional partners/funding/offtake and the dfs comes out looking at 4Mt+, I think a matter of time before market says the risk gap to our npv needs to close.

WE HAVE ALREADY SECURED UP TO $100M @ $1.50 VALUATION WITH WORLDS BEST STRATEGIC PARTNERS (technically, financially and geopolitical speaking)