Ann: Ceasing to be a substantial holder, page-10

A conflict of interest in my view; and good to see the sales from ECE coming through now.

The ECE were never going to back an Australian companies that is directly in competition with their own PRC companies.

Interestingly, from the date of the $900M German ANN, it looked as though there was a drag on the SP from a great announcement, beyond the shorts that we saw. Its re-assuring to see it was from a shareholder that no longer has a vested interest going forward.

I'm surprised they are on market sales though, as their bundle would easily sell off market. Maybe they are begrudgingly selling.

The real catalyst for the ARU Nolans project has been for governments around the world to circumvent China as one of the only suppliers going forward. This sentiment or loss of monopoly to China, would not have the ECE excited about the ARU progress, hence once they saw the German $900M, have realised ARU's progress is more real then they had hoped. To be fair, the ECE have truly lost their opportunity for any offtake for Chinese magnet manufacturers. They were probably waiting in hope that there was available offtake for them.... to see the entire offtake move to other parts of the world would not have the ECE feeling comfortable with their original investment.

Not to disrespect the ECE, but this progress is only happening as the world wants a critical supply chain of rare earth magnets outside of China...and that's what ARU brings to the table.

Onwards and upwards!