Hi,I would think that there are several ways to...

Hi,

I would think that there are several ways to Disclose-without-disclosing the nature of off-takers to ASX/investors and retain security of supply for any offtaker.

I'm sure that this is not a unique problem being faced by ARU and hasn't been handled by someone before.

3 ways initial ideas I thought of:

1) Offtaker be named, but they already have legally bound, say 3 year supply contracts in place with existing supplies. Maybe more risky based on how Chinese law could get around these contracts.

2) Disclose all details to ASX lawyers etc under NDA that satisfy ASX rules but don't disclose full details to external parties, but the ASX supports that they are satisfied with the details.

Disclosure: I don't know ASX's stance or compliance/ethics Code of Conduct etc on this 'possible' arrangement.

3) have an intermediate trading party or financial institution in between as the direct offtaker but don't name the particular enduser and then intermediate have contracts with the direct enduser. safest if intermediate partners don't have a footprint in REs currently but have enough industry experience in being a large diversified Japanese/Korean trading house to carry the weight and experience to be legit. eg maybe a Marubeni/Sumitomo/Sojitz type guy.

disclosure: I don't know Marubeni's/Sumitomo/Sojitz's current participation in current RE sector., but they carry the industrial experience & weight to be trusted. (these are just examples not my leading picks or whatever). They are large, diversified, well-funded players in industry & chemical value chains.

ciao.