Arafura Rare Earth, page-123

Darryl was managing the company for the 2nd half of 2023 (as well as being on the Board).

This period included the Dec 2023 capital raise where, as well as the July 2024 one, capital was raised at a depressed share price, more than ~400M new shares issued (~20% dilution), with a significant short covering occuring immediately afterward (per shortman data).

These capital raises cost ~$3M just to do, and wiped of ~100s of $millions in market capital (as well as momentum) to raise ~$50M after having spent ~$150M in 9 months throughout 2023 causing the company to run out of money.