Hi BBB,I agree in large part with what you wrote, but your logic...

Hi BBB,

I agree in large part with what you wrote, but your logic behind collecting shares at 80c seems a little flawed.

I understand from a purchase of shares at 80c, the project would be largely derisked in September. Call this formerly announced… and paying a premium. But, to me that is a very large premium.

But as per your recent actions and logic behind selling shares now to buy in later. This makes no sense to sell shares today only to buy them back at 80c. That is a loss of 41c a share.

What is more logical, particularly to counter any dilution is to buy the shares as per your suggestion 1:4, but at todays prices and let the instos take up the offer at 80c.

Please note; I have used arbitrary numbers.

On the other hand: if the share price declines and they provide a discount to further support your idea this idea makes sense. But it would take quite the brave man to sell ARU shares given the finish line to FID is so close, coupled with strong ESG investors as shown in the Li sector, and NdPr prices.

Also, $5-$10 SP for ARU May very well happen in your life. In my view, that target will be achieved if this is a long bull run for NdPr prices. In this case the target price of $5-$10 will be well inside this decade…look at all the Li valuations as a base case?

Crazy times ensures crazy share prices… and I don’t expect this ARU share will follow any ‘norms’ given the unique and complex nature of this project. This alone sets us apart from other renewable industries and miners.