ARU - Till Year end 21, page-107

The market cap / SP no doubt reflects the history of ARU seeking offtake to provide a foundation for funding and eventual mining.

I'm a long term shareholder and do hold the belief that they will eventually get a deal done but I do get the reticence of potential investors on the outside looking in with the share price movements over the years and the fact that to date ARU have not got any offtake agreements in place causing a "wait and see approach" for many in the market. I am relatively confident once offtake is in place the market will re rate ARU.

I'm a holder of another stock which on the announcement of a non binding term sheet went from around 2c to 14c, when an offtake did not eventuate from the term sheet it went back to sub 1 and recently after an announcement of a 100% offtake from a counterparty party of undoubted credentials the share price only managed to get to 3c and has subsequently dropped to 2c . The current offtake for this company provides a solid basis for funding of the project but the market clearly is cautious due to the history of the company and its SP. I think we are seeing a similar situation with ARU once we see an announcement/s for at least a substantial portion or all of the output we will see a change in market sentiment toward ARU.