Ann: Trading Halt, page-54

I am taking a different narrative Birch which is good banter a forum requires. We do not have enough funds now the debt package is complete and yes we knew that debt package closure would trigger the equity - yet how far advanced such is remains unknown. I say we do not have enough funds regarding debt package closure the company really wants to push forward project development pre delivery - thus requiring more funds - not considerable - similar to that of Dec 2023 20million SPP and 10 million retail component although if Gina is tipping in 20 million as article presented advise and the other Insto past involved tips in say 10 million and retail offering of 10 million it may be as much as 40 million - a minimal discounted offering to the past supporters both Insto and retail to add funds to propel Nolan's to construction readiness - I agree "some" later equity partners arrival will not be afforded discounts - for me that was in the presentation also - these offtake/equity partners will receive a discount in way of a product price discount for a period for their equity participation.
The presentation clearly stated engagement with contractors (they named on it may have been Worley ) - our COO discussed more financing required to move things along with other board and CFO - hence immediately on debt financing they strategized extra financing in advance - Gina and other insto would have had dialogue weeks ago - there is no phone call at happy hour on the day of debt closure asking for 20 million - likewise the other Insto whom I would suggest will be involved and wee retail at this final hour we are all offered a little late discount.

There is one other thought. One I do not like - being a new equity/insto arrival at this low offering and Gina is only tipping in 20 million to maintain her 10% strategic holding. Unlikely this may be - given I believe management are at this stage focused on the above only - extra financing required for immediate construction preparedness on equity completion.

I believe they will go a second time for a much larger SPP/CR as per the stage 1-4 clearly demonstrates. By which time they will have locked away the main equity financing components. There was also a substantial near 90 million contingency for financing initiatives and related fees - payments etc to various firms engaged. Staggering but ......... adequate funding costs plenty and another SPP/CRR towards equity closure is a small fee relative to the BEOT fees ARU will be delivering to past longer term financing partners - govt agencies - commercial banks and now the 3 amigo's in charge of equity closure.

Fantastic to be discussing these topics - mainly how and when - the IF is past now - full financial close is arriving soon - then it is finally all in ARU's hands to deliver Nolan's. Previous 50 million spend and as I anticipate another 30+ million spend to hit the ground running at speed. Expect to see job vacancies appear with contractors near term. Gina's large scale mine projects experience and the experienced team assembled at ARU - will be a fantastic 3 year journey to commissioning.