Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-38

As per last 2 deadlines we are left wandering close to date for some info, they obviously new well before the 29th of September they were going to extend and likewise the December announcement but sill left us hanging.

They in each announcement tell us they will keep us updated but essentially we are left to extract info from quarterlies which is fine but along with announcing extensions is not really updating us specifically.

I've factored in going it alone and it many ways could be a better option, particularly if the Japanese want to much share or control.

We have some funds and recent changes to critical mineral list will provide access to more along with a cap raise to proceed DFS. Yes some dilution but we are well placed and would have some dilution with the JV in any case.

In this scenario we would most likely see a favourable change in the market as the DFS is undertaken and access the capital along with offtake agreements on our own.

The intention has always been to fund the project with finance, yes having partners may help but ultimately the money will be lent on the strength of the financials.

Ultimately if everything goes ahead on favourable terms great but at some point Ardea needs to say enough it's been 2 years are you in or out.