This brings the M&A discussion into question. Smaller satellite...

This brings the M&A discussion into question. Smaller satellite deposits only become economical when they're amalgamated into the bigger ones. We have Chalice paying ~$7.5m for their stake in ENR. Surely if we had that conviction regarding those tenements, we would stump up that cash given our healthy position at the moment?

That leads me to believe Chalice are spraying shotgun pellets in the dark, as others have pointed out recently (due to poor management decisions over there of late). There is also the possibility that Paul and the team are continuing with their methodical approach and preferring to understand geological constraints both at Luni and beyond, before paying for further ground. After all, I did recall seeing a comment regarding the possibility of further acquisitions in one announcement recently.

Then there is the elephant in the room (or West Arunta)... RIO. No doubt if they are indeed interested in our developments and the region as a whole, they would be looking to swallow up Luni, potentially P2, ENR and any viable satellite deposit. Allowing all the other wannabe nearology plays to fade into oblivion.

One thing that we can all agree upon is that where there is smoke there is fire. It's hard to see why this isn't a long hold, as we've ventilated many times, almost daily, on this forum.

- Geopolitical tension
- A concentrated market over 80% controlled by a single entity
- A high underlying product price
- Niobium being key to steel manufacturing
- The only deposit of this type in 70 years, and one free from the hand of BRICS
- Growing resource and currently likely worlds second largest
- High grade
- Open pittable with high grade near term cash flow potential
- Tier 1 jurisdiction
- Tight register
- Good management (no spruiking)
- Healthy cash position
- Clear accumulation by institutions
- Good initial met results

This isn't ramping.These are facts. Short of some metallurgical disaster or native title issue, it's hard to see this stock in the long term be anything other than a takeover target, or a mine (whether it be under the current name or under that of someone else). CAPEX and OPEX will be high, yes. But the scale and grade is forgiving.

We are looking at a generational find, and it sounds like a broken record but there's only so many times that the chips have to stack up, before we admit that we're the real deal and not a bunch of dreamers.

Plenty of bumps still to go, but the blue sky is bright. This is changing my life, along with many here. It's opportunities like this that make us invest and give us the fire in the belly to push on. Let's enjoy the ride, it's only the beginning!

Let's go West Arunta 1!