Ann: ARL SMM and MC to form a JV to develop KNP Goongarrie Hub, page-434

I clarified a few details of the consortia deal with ardea management, as I was uncertain about how the consortia would be rewarded for leading the fund raise

from what I understand, by retaining 50% onwership, ardea retains 50% of the cash flows. There is not a quid pro quo here.

further, its expected the consortia will buy their 75% offtake at market rates. Again, no discount by virtue of their role in fund raising.

the best way of extrapolating our future value therefore comes from the pfs numbers... and so assume 70% of the capex is funded at very low debt rates. Let's say 4%. With 30% equity raise - anyone's guess at what valuation but assuming it's all done post DFS and debt, it could be raised at $1b+ comfortably.

I maintain the upside here is 20x +

If we are able to leverage the balance of Nickel, 30x+ upside is there