Ann: Quarterly Activities and Cashflow Report , page-3

I just can't see how acknowledgement of failures could be positive.

"investigating the potential to introduce a strategic partner to assist it to develop the project."

It is saying, without massive dilution it can't raise money from rights issues and placements, and cannot obtain debt financing. It has to give something away.

"Subject to funding being available, Arafura intends to operate the demonstration plant in coming months in order to produce several tonnes of a mixed Rare Earth Carbonate intermediate product"

Why an intermediate product? Is it saying, it has given up on separating the RE elements?