Ann: Change of Director's Interest Notice x 3, page-7

Fully agree, Clock.

Note 3 of the financial statements showed a total of approx. 6M shares pre-today's conversion of 1.75M.

What LT shs are benefitting from or "losing out" on the Transaction/Cooperation Agreement/Shareholders' Agreement (from now on referring to it as TCS for short), also affect the performance rights shares on conversion to ordinary shares. Meaning that the total of 6M performance rights shares will in due course have only their proportionate share of 50% KNPL.

Despite the seemingly paper loss effect of TCS, I'm sure the three directors are happy with that as they can see further into the bright futures of ARL and KNPL.

KNPL is the biggest thing for ARL now. In 18 months, possibly less, the interesting details of the DFS will be announced.

In the meantime, the Class N performance rights shares have the second highest numbers, which indicates the coming focus to be taken by the BOD.
Their next annual remuneration negotiation will likely include the awarding of additional Class N performance shares subject to further milestines reached on the Kalpini tenements.

By the time the Kalpini milestones are reached, the Ni/Co market will likely be booming again, that is, assuming Crux is correct and Cru/MacKenzie are incorrect in their forecasts. Do SMM and MC want to take another big bite here? Or will it be BHP, Twiggy, or India?

The cash on hand of $17M is good, but inadequate. My belief is that there will be another cr to fund the Kalpini drilling campaign.
Any guestimates on the $ amount and number of drill holes, Mick?

I'll put a guess at $30M - $40M cr at $1.00, meaning a dilution of 15% - 20%.
Now that the immediate urgency of progressing KNPL in the safe hands of the JC, maybe the BOD will create a SPP in the next cr.

Even if the SPP doesn't eventuate for whatever reason, financial logic makes me ask why I would wait, say, < 12 mths, to buy at, say $1, when I can buy at 70c - 75c currently. The 30% - 40% cheaper price as a form of savings cannot be matched by the bank's highest term deposit rate, which carries with it a taxable component as well.

Anyways, exciting times continue for ARL.