Ann: Critical Minerals Conference Presentation, page-2

There is some clear and noticeable changes;

1. Contract negotiations up by 400t
2. US off the menu, and swapped with Korea.

So time for some guesses!

Posco, for large amount of offtake to fill their $1.2 trillion contract they won in March 12, 2023 with global automaker in North America. https://m.koreatimes.co.kr/pages/article.amp.asp?newsIdx=370466

This is Starting to explain the AFR article on ARU connection to the US inflation reduction act/support.

With that sort of contract, ARU will be to Korea what LYC is to Japan.

My official guess; POsCO for the offtake (large amount), using the US inflation reduction act to support the equity investment -strategic offtake. Hence also the time ARU need for (my guess) POsCo to complete their DD.

This will all come with an extension of the project, that ARU are currently exploring to fulfill further off-take for PoSco, above what we know about. The project expansion will be released publicly within 2 months.