100%EW. Understanding Pierre Lassonde curve displays where we...

100%EW.

Understanding Pierre Lassonde curve displays where we are at. Near the end of a very long cycle when ARU are to commence construction. Just prior to this phase the insto's arrive and the curve accelerates substantially through to commissioning and growth.

Understanding how the Insto arrive - yes it's not played by the book but they arrive at the peak time and want large holdings at very low premiums as we have been seeing in past 12 months or so of this large stock churn. Yet ARU remain with risks and many insto will not get on board until further de risking complete. The critical finance and off take - the related terms etc will de risk substantially - yet RE refining/separation is not off the shelf tech - it is extremely technical and expensive - therefore some insto's will sit back and monitor the Nolan's development - time and capex - commissioning and ramp up - they will enter as their risk folio allows - each step of the way the sp moves up the Lassonde curve.

How the insto arrives is not so important - understanding how they arrive can assist with investing. What is important is that they do arrive as seen with the DEc 2022 SPP and now the Aus Gov backing - our biggest country institution now backing ARU heavily along with HP - and others soon to be announced.