Ann: Quarterly Activities Report and Appendix 5B, page-31

Na Na Birch Lynas have plenty of capacity from LAMP due to expansions. Even prior to these expansions they were satisfying Japanese contracts then preferencing stockpiling than selling at low prices to China at the time. That selling to China has now ceased. Worked out well when they experienced a longish water supply issue - they have spare product and their expansions were very capital extensive for future supply shortfalls and an opportunity such as has presented recently.

AL's playing hardball at opportune time - very smart - she's in a position to do such. Now asking US for double the original 300m granted previously due to cost blowouts - no doubt experienced more recently with the Kalgoorlie processing plant. To build at speed which they did at Kal given Malaysia's demands to remove uranium content costs ballooned out - US I would suggest would need to build out Texas plant at speed.

Yep yep - re stockpiling. We only have 14% max 16% off take to get to 80%. If as very clearly indicated by DC the Aus Gov stocking reserve is in play for ARU (pretty obvious but nice confirmation) - what amount can we surmise of that 14-16% could be allocated - what remains for equity attached off take - will the Gov pay in more equity to secure such - because there's not a lot of product to play with to secure a lot of equity required - unless SK - Hyundai cough up - which is taking quiet some time indeed.

We need - what - another 300 million in equity before going to final buckets. How do they achieve such with remaining 14-16% off take product remaining - with competition from Lynas and Iluka - strangely no mention of Iluka especially being mine to oxide and tolling plans - signatories - that ARU are first ...... So a JV option arises but sheeesh it would want to be on highly favorable terms after 2 decades of capital and progress - Lynas did somebody say Lynas - nup no way - ROW can not have one significant supplier - it's why all the global Govs have supported ARU - Over to you Gina.