What's the Deal?

As a new shareholder of Arafura, I'm beginning to wonder if I've bought into a dud.

What I've researched is that Arafura has been in the game for over a decade, completed a definitive feasibility study, secured environmental approvals, and inked offtake agreements with big names like Hyundai, and two years ago appeared to be progressing toward a final investment decision.

But here’s the rub:No construction of the mine or refinery has started, despite all the planning.Repeated delays in financing, procurement, and government support.They keep citing issues like:market uncertainty,engineering redesigns,changing cost structures,need for government grants or co-investors.

So what's the deal? Is management suffering from analysis paralysis. Are they just incompetent? Or are they just going for the ride and milking the company (or more to the point, us shareholders)?

As a property developer, I can get caught up with council regulations, heritage issues, statutory authorities, financiers etc, but if a project is delayed by more than 3 years, I can assure you, it would more than likely be cancelled.

I still can't understand how after over a decade "not one brick has been laid". In my opinion, this smells of incompetence, and a bad reflection of management, but more so, of the board.

What a wasted opportunity in this current climate, where rare earths are in vogue, due to supply constraints and the every increasing demand over the next few years.