Where to start? Yes marcdorc that is one of the most important...

Where to start? Yes marcdorc that is one of the most important takeaways and that is evolving - the not "all" as he stated offtakes being linked to finance which of course is understandable. It remains complex as we knew. I was one 42 thumbs for the 29/3/23 ann re ECA loan guarantee of up to 600usd million - whom are now scratching their heads and wondering how I misunderstood that release - thanks Spiros nice work and I'm thinking Piroit for whatever reason - however critical that still remains to have that facility - fortunately the Canadian one tied to GE of up to 300usd million is in way of direct finance - however as advised any of those facilities may not be fully exercised.
For the record PrNd prices have improved considerably to current 74usd kg.

Shorting can be marginalized by those whom are doing the lending stopping such or have minimal capacity remaining to do such.

What has occurred previously is in the past is well known - nothing can change such - Coxy asked "GAV" to give us something well he certainly did.

Back to the start. Share your views Birchcorp in he does not present well. Al over at Lynas is a ripper and always look forward to her at times funny - quirky even presentations - but she certainly gets the message/facts across and is an exceptional CEO.
Our CEO started poorly - the referencing to Tesla engineering out PrNd magnets was disgraceful - instead he could have been far more enthusiastic and referenced what Ski posted re Posco/Star Group investment into magnet making the US and supply of such to Hyundai - whom of course we have a very large off take agreement with and are in advanced negotiations re financing/equity input. Plenty of CEO's are over the top - or even poor with presentations - some are just not comfortable in such situations - what they deliver is paramount and we got plenty - thank goodness.

Anyway he warmed up - delivered some key facts in which numerous highly prospective positives such as:

- GE appear binding any time - it will be 10% of production and being tied to the CEA usd 300 million can allow that to progress/close.
- Several others "advanced" in offtake - equity discussions Japan - EU - US that appear set to close in first quarter - half next year to satisfy the 85%.
- Many others also in discussions - however the priority clearly is those willing to commit equity - but the remaining 15% is hopefully going to be agreements at a lucrative spot market pricing.
- Other equity comments were of course the NAIF and I forget other gov one OZ ECA to tune of 350 million aud and Gina's HP mention of equity as we discussed when she increased substantial holding in that 141 raise.
- updated project economics arriving in next few months - another key for markets to observe but more so importance related to financiers. He did state they do not for see any surprises on discussions with contractors - I would have liked to hear something in regards to the GE tech power supply agreement and any increase to CAPEX around that. He mentioned the 40% CAPEX increase previously on the Nov 2022 revised number of 1.6 billion. I would have liked to see/hear more positive comments around this key - big number - possibly even a minor reduction on inflationary issues subsiding - oil prices and the like (remember we are not going to be using grid electricity supply during construction which has gone through the roof) and the fact they have previously advised in reporting they have introduced cost reductions in construction and of course the tens of millions from 141 cap raise being committed to key early site developments.
- He did state they anticipate some very positive announcements into first half 2024 re off take closure and finance closure ( yes we have heard all before) - they can impact SP positively - restore fair value - and of course reduce the impact of dilution should further CR arise - well it will but when and how much remains to be seen - with plenty of cash on hand I would anticipate no early CR until some major binding off takes occur and even financing - cut back on site developments and presentations taking the whole gang for a fancy catch up in Sydney.

One can choose to focus on negatives - or understand ARU remains a high risk investment that may turn high reward in coming years. Personally my experience with FMG and LYC hold me in good stead at times like these - for others it may be PLS at 20c not long ago and their are numerous examples. No guarantees - the past 20 years of ARU comes down to the next 12 months initially - post that it is construction timelines and CAPEX adherence - then commissioning and product to those offtakers - at what price? but whatever that price ARU will not be cash positive for years until they ramp to full production - that is what they base their $42kg OPEX on - not first couple of years of production. I can't be bothered checking AUD or USD but assume the latter.

Personally I have more than an inkling they have set this up beneficially for the BEOT and their own easy peesy freebies (so mean to put their hands in their pockets but why would they when the corporate world facilitates freebies) - when they want it to - they will deliver in good time. They have not done all the key - necessary well planned things including and since Dec 141 raise to not progress to development.

GLTAH - and good health - life is beautiful for so many of us fortunate beings in fortunate places globally.