Having sat in on the presentation, I agree that the current state of play is overwhelmingly positive for ARU. As Darryl said in closing, it's the right project at the right time.
ARU now has multiple pathways to FID through equity raising, offtake agreements, and/or joint ventures. FID may be delayed a little more, but is still looking as being this calendar year. NdPr pricing is likely to increase tremendously from current levels and disassociate from Chinese manipulation in the coming years. The Australian Government strategic stockpile is positive for ARU. They are likely to be oversubscribed for offtake agreements, creating impetus for the Nolans stage 2 development. The company is exploring options with minimal impact on existing shareholders with regards to dilution. New, better deals with suppliers are going to be made. The financial offramp is going to last into 2026, presumably negating the need for a further capital raise before FID is announced. Governments and private companies have a vested interest in seeing Nolans succeed.
I suspect that things will be looking up from here, out.
ARU Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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