Ann: Quarterly Activities Report and Appendix 5B, page-19

I remember them mentioning that there wouldn't be any future supply deficit, no floor prices, and that ARU were seen as wannabes!

Maybe we should contact Hyundai, Kia, Siemens, and Posco to let them know that securing prices above the spot price should be avoided since there's supposedly ample Ex-China NdPr supply globally. But is that really the case? Given the significant demand from incoming offtakers exceeding our available product, a future ex-China supply deficit is indeed a legitimate concern for them.

So, as I understand it:

1. ARU is already planning to scale and expand to meet the ex-China deficit.
2. Prices will be secured above the spot price, with a major offtake announcement that will contribute significantly to the balance of the equity for final funding.
3. Phase two (expansion) is planned with existing funds.
4. A new pricing index is being discussed.
5. Gina has her tentacles in every ex-China supplier that seems to be getting up, supported by not only the Minerals Security Partnership (MSP) with highly regulated standards, but also the governments of the involved countries.
6. ARU is recognized by the Australian government and MSP as critical to future NdPr supply and is subsequently supported with production tax credits to lower production costs.
7. Not stated here today, but my next prediction is that the offtaker will not only take our NdPr but also the phosphoric acid (used for renewable batteries).
8. Lucky number 8, large amount of equity on the way, to coincide with the offtake announcement.

Onward and upward.