nolans upgrade now out, page-16

Opto, at what stage do i dip into my pocket? One of two, if the bull market resumes as people are a lot more forgiving in a bull market or the other if ARU get a backer of reputation.

At the moment I think there is too much risk in ARU. Both the market and I are worried! I would love to see ARU succeed as a lot of people on HC have hard earned in it. The risk is dillution and execution or even survival in this environment.

I know AS says the seperation of the elements at Nolans is to be done using tried and tested and accepted methods but each additional contaminant (anything that is not REE) heightens the execution risk. ARU have used the word 'revenue streams' for contaminants and I don't like this either. The path to get EPA approvals will not be easy as they have to dispose of a lot of chemical waste. '

Add to this the lack of funds, I mentioned that in the last accounts the auditors needed to qualify their report. I am an accountant and auditors don't do this lightly.

also imho only