Arafura Rare Earths Ltd, page-519

Oh yes MD. I was on the latter with FMG who were beaten up on high debt concerns and forecasts of low iron ore prices - well the experts got that wrong - as usual and I was a substantial winner although if I held them longer or still today I would .... No different to webjet I bought and did well with on covid but should have held and I have a few more examples for which we likely all have but certainly no complaints - learning is important - and we all expect the ARU sp to deliver multiples over coming years - which I do not see the major leg ups until we hit production and ramp to scale - the same pathway that Lynas traversed - although many differences - the multiple positive gyrations around NdPr are remarkable - unmistakable yet sentiment remains out of favor along with share prices to relative companies - pure manipulation of course. Being long is the only strategy here at ARU unless sheort takes it out - longer it goes to financial and off take closure - well it raises my concerns just a little - however all be it unlikely re conditions on Aus Gov facilities etc.

The German foreign minister on 7.30 report interview was a very clear indication of where ARU sit - in a very compelling situation that just gets better for the company as they finalize their debt/equity and off takes - what's another 3 months - 6 months. But as I mention above - it will be when ARU deliver Nolan's withing budget and timeline parameters - deliver the IP and ramp to full production that the Gov kindly provided a large further debt facility - although remained adamant the company does not wish to utilize - clearly a comment aimed at current negotiations that the company with it's high calibre new board and key project delivery team with much expertise can deliver Nolan's on time and on budget - what SP then can one ask - patience.