Why raise 80M now - confused

If ARU is truly on the cusp of FID, why rush to raise $80M now at a depressed share price—especially when they could potentially raise at a higher valuation post-FID? Why not even a small amount; Remeber they said they can do offtake 12 months after FID, so have already flagged that as a concern they needed investigated.

Some possibilities:

1. No offer later – Management may intend to lock in funding now, knowing retail and even some instos won’t be invited to the main event later. This could be the only window for broader participation.

2. FID isn’t as imminent as claimed – The raise suggests uncertainty or slippage in timelines. If the deal were months days away, why not wait and raise at a premium?

3. Strategic optics – A raise now might be designed to show momentum or satisfy conditions from government or lenders. It’s less about capital and more about signalling.

4. Control over terms – Raising now lets ARU dictate terms before larger players (or government) set the rules. It’s a pre-emptive move to retain leverage.

5. I’m stumped – Maybe there’s a deeper play here. Calling a friend, checking the tea leaves...