Ann: Quarterly Activities Report and Appendix 5B, page-28

I have to admit, I’m very relieved that the race/finish-line has been extended. I will explain my personal view below.

I was calling for this extension given the diabolical state of play we as retail shareholders were dealt. Nine months ago, I was extremely vocal about ARU’s position and the structure in place. While shareholders were ready to sign off, calling for management to sign off, I felt that under the then-current setup, we might have technically met our goal of FID (but big deal, our value was stuff all), but it came at the expense of early adopters like us. We were being shortchanged for our commitment and risk.

Now, with global attention firmly on rare earths—and key figures like Gina, Musk, and Trump openly acknowledging their critical importance—the game has changed. Capital is flooding into the sector, and everyone wants a piece. ARU has meticulously calculated how to not draw out another capital raise, it feels strategic and in line with a decision.

If, as DC said, ARU truly is the "first cab off the rank," with extensive engineering, testing, a MSP status, completely Ex-China supply chain, and strong ESG credentials, then we absolutely deserve a premium.

A premium that reflects the time, effort, and risk we’ve put in. I won’t make any promises, but compared to where we were six months ago—when I felt the board was selling us short—our position today is on an entirely different level. And I couldn’t be happier - l hope they continue to support us!