Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-61

I'm not really sure how ARL will work this investment. In the past they (HRR) issued shares, but then the whole KNP was on the table. Now that they have separated Gongarrie from Kalpini and Yerilla, I can't see how they could legitimately offer ARL script (to the consortium) without scuttling any further interest from 'interested parties' looking at the rest/remainder of the KNP - without first moving them to a separate entity.

I think from memory, and without going back to check, none of the tenements are separately owned by a 100% subsidiary which could be quarantined in any JV agmt, so there could be some difficulty keeping the consortium ownership just to the Goongarrie Hub. But that's an issue for the final agreements, but offtakes will be a key pivot.

But yes, if script is part of the deal, hopefully the price is based on an agreed project value, rather than on the current SP!