Ann: Quarterly Cashflow Report, page-11

Axe,
A few thoughts.
Any government enquiry regarding progress for the last 3 years just needs one witness, that being a mirror.
Roughly 3 years have been taken preparing and more so waiting for what is essentially paperwork, although that is arguably necessary with a $1Bn mine to satisfy communities groups, residents, lobby groups etc. Note this also took place in the post-ICAC Obeid/McDonald era when everyone in the exec/admin branches are not exactly going to risk any part of their anatomy.
Prior to that, the previous 5 years included the boom/bust/recovery of REE prices. Few other projects like Lynas have taken place in the same timeframe, that's gone well....
Over the broader 10 year period you reference, we've had a tail of a super boom cycle, the most massive credit crunch, absolute liquidity freezes for debt, particularly in commodities. Even sound projects in the wrong place at the wrong time were slaughtered by a capital vacuum.
Against that timeframe, the company has worked continuously to prove (not speculate) a flow sheet and recovery rates at ANSTO far ahead of others.
And finally the specifics of which RE elements are in surplus/excess have whipsawed. The project has a baseline of Zr where IC/ALK understand it underpins everything in the financial case.

I appreciate you may have been able to navigate these things yourself during this time, with your own mining project. I also think you will find every long term holder is equally impatient... but when you look back in the last 10 years and the background specifics ALK has navigated, having the project at this state at this time is about the optimal case IMHO.