Replying mostly because you’ve touched on something that may not...

Replying mostly because you’ve touched on something that may not have been raised for a while- that even if ( no jinxing here! ), the MOU becomes a partnership that it is only for part of our tenement portfolio. There are other avenues besides the hub.

It also causes the thought that if a partnership blossoms that a new entity would potentially be born as the hub would need to be ‘fenced off’ ( contractually ), from those other assets.

Ardea becomes hub + consortium while the rest becomes a new thing? Or a new thing while the rest remains as Ardea? Lots to consider!

Something I didn’t mention- but which many may have already touched on or know- is that the current nickel surplus is projected by many market participants and analysts to recede as we head to 2027. DFS starts H2 2024? Ends in H2 2025- H1 2026? Plant is built in 2026 & ramps up to meet Sumitomo’s plans of expanded production in 2027?

All question marks because, again, no jinxing here!
Also always worth remembering and reminding ourselves that Sumitomo has built HPAL plant before.
Experience. Market participation. Capital reserves.
All boxes are ticked.

Of course also replying to say cheers! Lots of useful and quite realistic posts in the ARL forum.