I was called away from discussion on urgent matter - did hear...

I was called away from discussion on urgent matter - did hear fair part when they said another conference call in 15 mins.

Just thinking on what I did hear - my previous comments 'nothing happens without insto's' would be correct.
Would I be correct in saying management are certainly working this to Insto favor. The SPP immediately after critical debt package closure was clear evidence for mine - management did not give it air for the market to react and sp traction - they just shut it down with a TH and once again - the only beneficiary being Insto's and they anticipated a similar shit show as to that of the small SPP previously and they accumulated for another period.
I even commented a few days ago - this was likely pre organized to Insto's at last SPP - Give them another hit similar to a performance rights issue but to Insto's for their support on debt closure - the fact they did this SPP immediately - day after. I ask - why did they not raise extra 20 million on previous raise given they kew they needed more monies on balance sheet and would have known it would take longer than we were advised.

I did hear they will provide sp support on releasing equity as arrives. Well that bodes very well for the first two major equity partners whom get in early at a low premium - then the sp increases and by the time retail offering arrives the sp has increased and retail pay a premium to Insto's - other current Insto's will not mind paying a little more by then because they have been well fed and have screwed the sp down - kept it down and accumulated considerably - part of the deal - process we are ransom to in closing the much needed equity.

I am not in agreeance with their relationship to NdPr pricing and ARU's share price (Beijing would have enjoyed hearing such). SP is being manipulated and assistance provided for such. We are long ways off producing quantities - they have 80% offtake closure arriving with over 50% locked away on pricing they know and like Darryl has continued to say - offtakers will pay a premium given only $50 per EV and to secure ex China compliant product and the continued supply deficits they flag along with market forecasts etc etc - why flag stage 2 at this time if no deficits arriving AND they said stage 2 will be funded by stage 1 revenue - meaning 2 things - cash flow will be very dam good (insto's know and are privvy to contract details) and stage 2 will not be happening anytime soon - certainly not from current debt/equity - unless they pull one and increase production say 500T.

Overall long term looking great (and don't the insto's know) - 5 years as many here are for - no probs - take some off the table then and leave balance for stage 2 growth - sp gains. Debt providers and Insto's are on board - they know finite details.

Thanks to many contributors I caught. Think we all are clear what row we are sitting in - certainly not the MOSH PIT