Actually, Nolan’s will be profitable from the get-go, as they...

Actually, Nolan’s will be profitable from the get-go, as they have guaranteed offtakes locked in (with more under negotiation) that are in a profitable price range. ARU can be confident in its budgeting due to the locked in prices. China could give away rare earths for free and it wouldn’t matter to ARU.

Further to that, Nolan’s is just the beginning of the story, with further exploration and development activity underway in other ventures, and ARU being in a prime position to process other companies’ raw ore. And from what I understand, Nolan’s itself will likely be expanded in time.