I know the thinking is a spin off of the WA gold, but there's a...

I know the thinking is a spin off of the WA gold, but there's a couple of differences between what we have here and the GRL spin off. Firstly, GRL had a JORC of `1.4moz AuEq and separate tenements that could easily be spun off from the mother ship.

Here we have no JORC (and yes, I acknowledge that this SPP / cap raise will go a long way to remedy this limitation) but plenty of potential, esp if you look at the gold occurrences around our existing tenements...this from the Aug '20 release on the Aphrodite Nth drilling. So it's not hard to consider the potential of this area.



The second issue is that the gold targets are within our nickel tenements. How do you spin off ground on which we have staked our nickel future? A lot more difficult task I'd imagine. Of course, the spin off could be done as a JV between ARL and NewCo, but again, when the gold v nickel resources collide and (just thinking what might happen) a large resource is found in the same patch of ground pegged for initial nickel extraction - how does a JV reconcile those issues? Sure, the NewCo JV partner could be assigned all the gold rights, but you can see it starts to get messy....

Anyway, for what it's worth, I still think there's a possibility that ARL will retain the gold rights and look JV out the nickel to the right partner, very much in line with what HRR did all those years ago with the Vale/Inco JV (by excluding various nickel sulphide potential ground from the main JV agmt).

J22