Good point @gc2016 . I can appreciate that.I will put my money...

Good point @gc2016 . I can appreciate that.

I will put my money on the following structure (Although there are 100 ways to skin a cat):-

a) SuMiMi will take a stake in ARL at the company level in return of cash (to fund G&A and exploration for 2 years or so)
b) They will also take a board seat (ideally) - There is a reason ARL board is so skinny (Just Ian, Matt, Andrea and new lady [sorry always forget your name]) - There is room for a fifth here, especially someone with investment banking and capital markets experience
c) SuMiMi will fund the DFS to start "earning in" at the project level (JV that will hold KNP) or increased stake in ARL corporate [I am not sure about this yet, although I trust the former is more likely as ARL will not like them to hold more at corporate level]
d) Post DFS SuMiMi will earn-in a total of ~50% at the project level in return of contributing the equity portion of construction capex
e) MiMi will help arrange export financing and commercial financing via Japanese banks (SMBC, MUFJ, mizuho)

Now there is always a possibility for ARL to raise more capital from market - especially if they want to fund emu lake exploration outside the JV.