Thank you for standing by. I would now like to hand over to Mr. Darryl Cuzzubbo, Chairman. Thank you. Good morning, ladies and gentlemen, welcome to this general meeting of Arafura Rare Earths Limited. It is now 11:45 A.M., Western Standard Time, the appointed time for the holding of the meeting, I'm advised the necessary quorum is present. I therefore declare the general meeting open. Thank you everyone for joining us today, whether in person or online, for what I would suggest is the most significant meeting in Arafura's history. My name is Darryl Cuzzubbo. I'm your Managing Director. I've been appointed Chair for this meeting and am accompanied by Chief Financial Officer Peter Sherrington and Company Secretary Catherine Huynh. Also joining me today is our Director of the Board, Michael Spreadborough, and Chief Project Officer Tommie van der Walt, who's online, with the other directors participating online. In addition, representatives from the company share registry, MUFG Corporate Markets, are also in attendance and will assist with the polling voting process. Before we proceed with the meeting, I have a couple of quick housekeeping points. I would appreciate if all mobile phones could be turned to silent mode. Recording devices and cameras must not be used during the meeting. In the event of an emergency, please follow the emergency exit signs and the instructions of the venue staff. Before we move to the formal business of the meeting, I want to take a moment to acknowledge the journey that has brought us here today. The Nolans Project has been more than two decades in the making. It has been carried forward through exploration, technical innovation, shifting markets, more recently, a global recognition that secure allied nation supply chains for critical minerals are no longer optional. They are essential. Throughout that journey, it is our shareholders who saw this vision well ahead of most, have backed this vision. You have supported us, weathered the inevitable volatility of a long-dated development project, continue to believe in what we are building even when the path forward wasn't always certain. I want to thank you personally, on behalf of the board and the entire team at Arafura. We would not be here today without you. What we're asking you to approve today is a final piece of a funding structure that once complete, will fully fund Nolans into construction and through to first production. This has taken an incredible amount of effort and determination. Nolans will be only the third fully integrated rare earth oxide producer outside China. That distinction matters. Whilst it presents Arafura uniquely on the global stage as an alternative supply to China, it has not been without its challenges. There is no domestic blueprint for a project of this kind, and that meant we could not rely on conventional financing pathways available to simpler single-stage operations. We've had to construct a funding solution layer by layer, bringing together export credit agencies, government partners, and strategic investors who understood not just the opportunity, but the complexity of what we are building. It has demanded more of us and more time than we would have liked. That work is what stands behind what is a truly differentiated, robust project across the globe at the best possible timing. We're not another exploration story or a single-stage processor dependent on others for the next link in the chain. We will be one of a very small number of producers anywhere in the world outside of China, capable of taking ore through to a finished qualified rare earth oxide product. That is a rare and valuable position to hold at the exact moment the world is asking where its alternative supply will come from. I'm not going to stand here and tell you that what comes next will be without challenge. In many respects, our real journey begins now. Construction, commissioning, and ramp-up to full production on a first-of-its-kind facility will test us as it would test any project of this scale and ambition. What I can tell you is that we are going into this phase with eyes open, with contingency built into our funding, with experienced partners standing alongside us, and with a team that has spent years preparing for exactly this moment, who have the determination, resilience, and conviction that is up for the task. The approval you're being asked to give today is what allows us to move from a project that has been carefully planned and patiently funded to one that is going to be built. There's a vote of confidence in Arafura, in the team, and Nolans is one of the very few real ex-China rare earth alternatives the world will be able to call on when it matters most. Thank you again for your continued support and your confidence in us. We will now move into the more formal part of the meeting. The notice of the meeting dated 3rd June 2026, together with an explanatory memorandum, was circulated to shareholders and contains seven resolutions. Unless there are any objections, I propose to take the notice of meeting as being read. Before moving to the various resolutions to be considered today, I will now briefly outline the procedures for today's meeting. When you registered for today's meeting, you should have been given either a yellow, blue, or red attendee card. If you've not received this card, then please go to the registration desk outside this meeting room. If you have a yellow voting card, you are a voting shareholder, proxyholder, or corporate representative and have chosen to vote using a paper voting card. You're also entitled to speak at this meeting. If you have a blue card, you are a non-voting shareholder. Whilst you're entitled to ask questions and make comments, you're not entitled to vote at this meeting. If you have a red card, you are a visitor and not entitled to speak or vote at this meeting. Anyone with a yellow or blue card wishes to speak, please raise your card at the appropriate time and identify yourself to me before asking your question. Shareholders were encouraged to submit their questions before the meeting. We have received some pre-submitted questions for the general meeting. However, as none relate directly to the proposed resolutions, these will be addressed at the conclusion of the formal business. Any new questions received that relate directly to the proposed resolutions will be addressed when each corresponding resolution is put to the meeting. Out of fairness to everyone present, I ask that you limit your questions to one at a time, and also restrict your questions and comments to the resolutions being considered. I reserve the right, as chair, to rule questions as not pertaining to the general meeting or out of order. As there may be some shareholders present at the meeting today who have not submitted their votes by proxy, as a matter of good corporate governance, the company will conduct a poll for all resolutions. Voting resolutions by poll will provide transparency and ensure the intentions of those attending the meeting, as well as those who have voted by proxy, are reflected in the result for each resolution. The results of the polls will be declared and released to the ASX later today. I will read out each resolution and then ask shareholders whether they have any questions in relation to each of the resolutions. If you do have a question, please state your name in full, your affiliation, and then put your question to me as chair. Please note that only shareholders that have a yellow voting card or a blue non-voting card may ask questions at the meeting. As chair of the meeting, and as detailed in the notice of meeting, I will vote where authorized all undirect proxies in favor of each resolution. I may ask the appropriate person to respond to your questions. We will present the proxy results for each resolution. At the conclusion of this process, I will ask the company secretary to provide instructions for the conduct of the poll for the seven resolutions presented in the notice of meeting. There are seven resolutions put before the meeting. We will discuss and vote on each resolution in turn. Please keep questions about specific resolutions until the time we consider the resolution. Resolution one is to do with the issue of shares for Export Finance Australia. This is an ordinary resolution, and the resolution is that for the purposes of Listing Rule 7.1, and for all other purposes, shareholders approve the issue of 594,825,923 shares to Export Finance Australia for the purposes and on the terms set out in the explanatory memorandum. Are there any questions regarding the resolution? There being no questions, I'll ask the company secretary to now announce the proxy position in relation to this resolution. The votes for were 99.36%. Votes against 0.13%. Discretionary 0.51%. Any open and usable proxies held by the chair of the meeting will be voted in favor of the resolution. Thank you, Catherine. Resolution two is to do with the issue of shares to KfW. This is also an ordinary resolution. The resolution is that for the purposes of Listing Rule 7.1, for all other purposes, shareholders approve the issue of shares to KfW to the value of EUR 50 million for the purposes and on the terms set out in the explanatory memorandum. Are there any questions regarding this resolution? Given there's no questions, I'll ask the company secretary to now announce the proxy position in relation to this resolution. The proxy votes were: votes for 99.01%. Votes against 0.48%. Discretionary votes 0.51%. Again, open and usable proxies held by the chair of the meeting will be voted in favor of this resolution. Thanks, Catherine. Resolution three, issue of convertible notes to the National Reconstruction Fund Corporation. This is an ordinary resolution. That resolution is that for the purposes of Listing Rule 7.1, for all other purposes, shareholders approve the issue to the National Reconstruction Fund Corporation of 200 convertible notes. The issue of shares on conversion of convertible notes, and the issue of any shares in satisfaction of interest payments pursuant to the terms of convertible notes for the purposes and on the terms set out in the explanatory memorandum. Are there any questions regarding the resolution? There's none online as well. All right. There being no questions, I'll ask the Company Secretary to now announce the proxy position in relation to this resolution. The proxy votes for were 99.34%. Against 0.15%. Discretionary 0.51%. Open and usable proxies held by the Chair will be voted in favor of this resolution. Thanks, Catherine. Resolution four, which is the ratification of previous issue of shares under tranche one of the recent placement. This is an ordinary resolution. The resolution is that for the purposes of Listing Rule 7.4 and for all other purposes, shareholders approve and ratify the issue of 675,126,287 shares to various sophisticated and institutional investors under tranche one of the placement for the purposes and on the terms set out in the explanatory memorandum. Are there any questions relating to this resolution? Thank you. As there being no questions, I'll ask the Company Secretary to now announce the proxy position in relation to this resolution. The proxy votes for were 91.82%. Against, 7.1%. Discretionary, 1.08%, which includes any proxies held by the chair of the meeting who voted in favor of the resolution. Thank you. Resolution five, which is to do with the issue of shares under tranche 2 of the placement. Again, this is an ordinary resolution. The resolution is that for the purposes of Listing Rule 7.1 and for all other purposes, shareholders approve the issue of 671,027,560 shares to various sophisticated and institutional investors under tranche 2 of the placement for the purposes and on the terms set out in the explanatory memorandum. Are there any questions regarding this resolution? As there being no questions, I'll ask the Company Secretary to now announce the proxy position in relation to this resolution. Proxy votes for were 91.53%. Against, 7.39%. Discretionary, 1.08%, which includes any proxies held by the chair of the meeting, who voted in favor of the resolution. Thanks, Catherine. Resolution six, issue of shares under the SPP, including under the SPP shortfall offer. This is an ordinary resolution, which is that for the purposes of Listing Rule 7.1 and for all other purposes, shareholders approve the issue of up to 96,153,846 shares under the SPP, including under the SPP shortfall offer, for the purposes and on the terms set out in the explanatory memorandum. Are there any questions relating to this resolution? Yes. Gordon Cham is my name. I'm a shareholder. The problem with this one is today the share price only AUD 0.26. You, the SPP, mark at AUD 0.26. It's AUD 0.02 below the SPP price. What we are going to do? Are we going to cancel it? It's AUD 0.02 below the market price. Yeah, I see your question. The share price is below the current price. It's, I think, yeah, it's AUD 0.25. AUD 0.02 difference. What do you do? You're buying the market outside, and yet this SPP is AUD 0.26. Yeah. The option, obviously, is for the shareholders to acquire shares either through the SPP or on the market. SPP is still open for a little bit longer. We intend to keep it open, noting that the share price moves. We do not intend to cancel the SPP, but it is up to the shareholders to decide whether they acquire shares on market or through the SPP. Any questions online? No further questions. Okay. Given that, let me move on to the last resolution. Proxy votes. Oh, sorry, Catherine. Yeah. The proxy votes were 97.54% for. Against, 1.98%. Discretionary, 0.52%. Open and usable proxies held by the chair of the meeting who voted in favor of the resolution. Thanks, Catherine. The last resolution 7. As I've got an interest in resolution 7, I'm now going to hand over to Catherine to chair the meeting for this resolution. Resolution is the issue of shares to directors under the SPP. This is an ordinary resolution, and the resolution is that subject to shareholder approval of resolution 6, for purposes of Listing Rules 10.11 and for all other purposes, shareholders approve the issue of up to AUD 30,000 worth of shares under the SPP, being a maximum of 115,384 shares to each director or that director's associate, where the director or its associate is an eligible shareholder for the purpose of the SPP on the terms set out in the explanatory memorandum. Are there any questions or comments on this resolution? Gary Ashton, shareholder. Is it correct that the directors are going to take up their entitlements of the SPP? Can we get some indication as to their intention, given the shareholders are buying at AUD 0.26? Are the directors also going to participate? We have some directors participating on exactly the same terms as shareholders under the SPP. The terms are the same, and we do have some, not all, of the directors participating, knowing that some shareholders have got significant stakes in the company already. The directors. Some directors, yeah. The directors still have to subscribe, as with other shareholders, on the same basis. Okay. There's no questions online. The proxy votes for were 98.45%, against 1.03%, discretionary 0.51%, and open and useful proxies held by the chair of the meeting can vote as they wish. I will now hand back to Darryl to chair the remainder of the meeting. Thanks, Catherine. I now direct that a poll be taken in respect of all resolutions. The persons entitled to vote on this poll are all shareholders, representatives and attorneys of shareholders, and proxy holders who hold yellow voting cards. If you're here in more than one of those capacities, you will have been issued with as many yellow voting cards as you have separate capacities. If there are any aspects regarding the voting on which you are uncertain, please do not hesitate to ask any MUFG staff who'll be circulating the ballot boxes. The poll will be conducted in accordance with the directions set out in the document, which are now produced and signed for the purposes of identification. I'll now ask the company secretary to read out those directions. Votes will be recorded by completing the poll voting cards handed to those entitled to vote. Poll voting cards must be completed in accordance with the instructions appearing on them and as advised by the chair of the meeting in his opening instructions for the meeting. Shareholders who wish to abstain from voting and proxy holders who have been directed to abstain from voting should not complete a poll voting card. Representatives of MUFG, the share registry manager for the company, will act as scrutineers for the purpose of the poll, and they will take charge of all poll voting slips immediately after the poll has been taken. Duly completed poll voting cards must be placed in one of the ballot boxes no later than 10 minutes after the time the chair directs shareholders to complete the poll voting card. Voting on the poll will close at the earlier of the receipt of all poll voting cards or on the expiry of 10 minutes. The scrutineers must advise the Chair of the results of the poll immediately after completion of the poll and must indicate the number of votes in favor of and against the resolution and the total number of votes given on. The Chair will declare the results of the poll on receipt of the scrutineers' advice as soon as possible. One calendar month after the declaration of the poll, all poll voting files used in connection with the poll are not required by law to be retained for more than one month. They are to be destroyed by the scrutineers subject to any contrary direction in writing by Chair of Directors to scrutineers before the expiry of that period. Okay. Yep. Shareholders and proxy holders are now asked to complete the ballot paper. A representative from the share registry will collect the papers, which will be verified against the registry of members. Would you please indicate by raising a hand if you require more time to complete and lodge your voting paper? Have all persons who intended to vote now have now voted? All right. It appears as though the voting process has been completed. I therefore declare the poll closed. The results of the poll will be announced via ASX following the meeting. Ladies and gentlemen, this brings us to the end of the formal business part of the meeting. Thank you for your support as shareholders. I now declare this general meeting closed. I do invite participants to stay on the line and remain for a brief construction update from Tommie that reiterates our last ASX announcement. We will open up to any general questions. Thank you. Over to you, Tommie. Thank you, Darryl. Good day to all. As reported previously, the top three priorities for the Nolans project up to this point were getting the right people in the right roles doing the right work. Secondly, focus on project execution readiness. And thirdly, ramping up the procurement process to be ready for execution after the FID announcement. This is the opportune time to provide some feedback on progress on these three priorities. On getting the right people in the right roles doing the right work, we can confirm that the mobilization of the Hatch resources progresses as per the ramp-up plan as part of mobilization. We can also confirm that we have filled all key roles within the project's owners team, and targeted initiatives have been implemented to develop and maintain alignment between Hatch and the owners team, as well as leadership and teamwork. On project execution readiness, the work is progressing as planned at the moment. Activities such as the camp reinstatement, establishment of efficient systems, processes, workforce mobilization, establishment of the steering committees, all of that has been actioned with works to be completed by the end of August, early September to support the commencement of construction. I'll talk further to these reinstatement activities a bit later. On the procurement process, Arafura and Hatch have partnered with the Industry Capability Network, Northern Territory, to provide a platform for interested parties to register and submit tenders for work packages, a number of requests for tenders have already been issued with more to come. Reflecting on our commitment to maximize benefits generated by the project and contribute to the territory's long-term growth. Representatives from Arafura, Hatch, and ICN hosted a series of workshops in Alice Springs and Darwin, connecting more than 400 participants to the project, further in-person and virtual roadshows will follow. With all of this work well on its way, the top priorities on the project now has to shift, it's going to shift to number one, safety, as the project work on-site ramps up. Secondly, we'll continue development of a high-performance Arafura Hatch project team as this is critical to how we execute this project and our culture. Thirdly, the focus on disciplined management of the project's capital costs, driving the best possible outcomes that support our long-term and sustainable operations. Could we please bring up the first slide? To date, there has been no safety incidents reported on-site. The reestablishment works have started, which includes the grading of the access road, reestablishment of bore water supply, and continuing to commission the 250 person initial camp. On slide two, you will see the schedule as it stands today, the high-level schedule. The critical path of this project runs through the hydrometallurgical plant, a detailed schedule is still under development as we obviously move through the tender process to select the construction and equipment supply partners and progress engineering to get us to a point where we can add in that detail. On slide three, whilst we have maintained consistent engagement with the market, the announcement of FID has allowed us to implement and pursue a competitive procurement and contracting strategy. We are on track for the commencement of early construction works this September, with bulk earthworks targeted for the December 2026 quarter, contingent on meeting our investment criteria. Capital discipline remains a key focus and a very high priority, competitive pricing will be very important and the key to maintaining our schedule. In summary, the project is advancing on plan to deliver the Nolans project safely with the best commercial outcome for the business. Thank you. I'll now hand back to Darryl to close. Thank you, Tommie. I'll now open up to any Q&A first from the floor, and then we'll refer to Catherine for any questions online or pre-submitted questions. Yes. How many hectares have we got? How many hectares? A lot, I can assure you. Yeah, I'm not sure of that. I'm not sure if anyone in the room knows that. It's just as well as I don't know. I think we may have to take that question on notice. We do operate on the pastoralist land. In terms of, I guess, the footprint, which I think is what you're asking, we will have to let you know what that is. We don't know that off the top of our head. The land- It's significant. They also, Northern Territory, pay a premium of some description. The land is actually owned by a pastoralist, but we have the right to mine and process on that pastoralist land. We do not own the land, but we've got the entitlement that we need. There's a 30-some where- We actually announced a few months ago the land use agreement that we have with the pastoralist. He is a shareholder of the company. Interesting. That address as given be read on the website, which on the construction update. Yeah. We're going to put out an ASX announcement of this meeting, we were going to make the presentation available, because there's no new information. What Tommie was talking about was pretty much within the line with the last release that we just did. Two weeks ago, we provide an ASX announcement, you'll see the information that Tommie has summarized is in that ASX announcement. Secondly, is there any pending or ongoing issues with royalties or Indigenous agreements? No. The royalties have been set and agreed some time ago, so I think it's a bit over two years ago, and we have an Indigenous land use agreement in place. Is there a scope for that to be challenged? Not for phase one. For any subsequent projects, we need subsequent agreements with our traditional owners. For building phase one, no. Only for phase one. That's right. any subsequent- Expansion projects or expansions, we would need their agreement for that. for building the project that we're talking about today, we have that agreement in place. Yes. My name Vinod Gupta. With the recent announcement of, with the Indian, companies on industrial, the 500 tons of product, there are final phase. Initial five-year figure. Is there any plan in the future to have expansion as a future, different phase expansion plan in India to have this, processing and refinery? there are many companies, and India is developing. In Bangalore, there's a hub for rare earths where the Japanese are coming, and Indian companies are interested. They will be keen to do the processing in further. Yeah. They do. Arafura are you interested in future to expand to Indian market? Yes, a very good question. If you look at around the world, there's global manufacturing powerhouses in Japan, Korea, U.S., particularly Germany and Europe, but also India. India from a rare earths sector is gathering pace, and that's reflected in the recent off-take. As it stands today, our focus is on building phase 1, ore to oxide. We are engaged with a number of Indian parties and would always be open to different partnerships. Right now our focus is on building phase 1. We would always be open to. Follow up future. Maybe in five years' time. Yeah. Would you be interested in how expansion plan, because then the Indian market, we have strength in the background. We are open to, let's call it downstream opportunities, whether that's in India, but also other countries that build out the supply chain. Thank you. I've got a couple of questions for the moment. Giuseppe had an email, Giuseppe. We go back a long way. I've been a long-time investor since the company emerged. Back and forth, we had the assets, we had the names, we were talking Arafura Resources before then. I've got a love affair with this company. My first question is, are we with the fertilizer problems occurring through the Strait of Malacca and that, there is a by-product, I believe, a phosphate that'll be mined or made in the future. Can we also use that as an offshoot for further downstream processing of phosphate? Number two, having a love affair, can the mine site, will the mine site in future be accessed for people who are diehard investors like myself? Visit the smelly earth and support Darwin. Alice Springs, I should say. Yeah. To your first question, Giuseppe, it's actually a very good question. We will produce 144,000 tons of high-grade phosphoric acid. We've assumed we will sell that as merchant-grade acid into the Indian market for fertilizers. If you look at the purity of that acid, is beyond merchant grade. The ideal home for this acid would be for LFP battery, electric battery, which is now over 50% EV batteries, and get a better pricing than what we currently issue from that. That is very much on our radar screen as we move forward. It is. Look, if you look today where LFP-grade phosphoric acid comes from, it comes from China. We can again be an alternative to that. This is an opportunity that we're very acute, clearly aware of, and we'll be progressing. Just on your second question, in terms of having access to site or looking at site visits. That's right. Obviously safety's paramount. It's going to be a construction site. It will actually come under the safety control of a EPCM. There will be limitations to that. We do appreciate there's a lot of interest in going to the site from shareholders, investors, lenders, et cetera. We need to probably do something in that space in a coordinated fashion. The other thing is, it is a difficult site to get to. Logistics is not that simple either. Would you have farmers? Sure. Yes. Mike raises a good point. We'll be sharing plans, obviously, as it progresses. I understand it's not quite the same thing. I don't think it's nothing a Hilux can't handle. Well- I've used Hiluxes in the early days. I was part of that [inaudible]. This guy with his Ford Ranger, anyway. Are there any other questions in the room? All right. I might turn to any questions online. Sure. The first one is from shareholders Alex and Sally Benson. I also note that we received one from Ronald Lomax, which is a very similar question. I think your answer to our answer should be addressing. The question is: Why does the board think Arafura share price is trading lower around AUD 0.24 and AUD 0.26 as market capitalization valued cheaper last year, noting the Nolans project has been further advanced with FID approval and substantially de-risked? Yeah. I am very concerned that the board does not value the long-term shareholders from Arafura share price, that the investment market does not believe in the Nolans Project being successfully developed. Why else would the board have to continue doing large capital raises at a discount as the Project has been significantly de-risked with every capital raise? Why do you think the investment market continually undervalues our share price and Project? Okay. That will be on the minds of many people. Let me just talk to this from a number of perspectives. Firstly, we have been like many other rare earth projects, development projects. We've got the funding risk and the construction risk ahead of us. As of today, we've got the construction risk, but we've dealt with the funding risk. You could see from a shareholder value perspective, as shareholders de-risk, if you like, the value of the company. Post today, we're moving through and past that funding risk, and you'd like to think that will be reflected in our share price. That's for shareholders to determine. What is for us, what's in our control going forward, is delivering on the project, and making sure that investors that generally don't understand the rare earth sector very well. A lot of attention has come on the rare earth sector, but it's not a sector very well. What's in our control is, one, most importantly, delivering on the project safely, within budget, within schedule. Secondly, make sure that our growth options are very well understood by investors. Thirdly, when there is a lot of, I'm going to call it communication around many, many rare earth projects, is we need to show why we're differentiated. We are differentiated from the others is because we're now moving into construction. Almost all other projects are still in the development phase, so they've got the funding risk and the construction risk ahead of them. The second reason we are differentiated is because we go to an oxide. The vast majority of rare earth projects are still reliant on processing capability that largely today exists in China. We are not reliant on China. A few things. There's things that are in our control. There's things that are at the behest of the market. What's in our control is delivering on the project, make sure our growth pathways are understood and being progressed, and thirdly, that we continue to differentiate and inform our investors of why we are in a better place and a differentiated place compared to other rare earth projects. The market has been very volatile in the rare earth sector, and we will continue to have to move through that, as with any other rare earth project. Thanks, Darryl. The next question is from shareholder Keith Middleton. He raised the question in relation to shareholder dilution around 70% with no capital growth in their investment and share price, even after all the board's hard work in getting Nolans to FID. At our last quarterly meeting, the board said that we were over 90% cash funded and in need of around further $134 million of the board's stated total cash needs for the project to be fully funded, including our contingency to just shy of the 80% offtake required by our loan agreement. Following the company making this great work and congratulations, you would normally see further upward appreciation in our share price, but for some unknown reason, our shares were sold down, raising concerns. His questions are, why did you announce such a larger than expected main capital raise of AUD 375 million, nearly double the $134 million that you mentioned was required, and further dilute long-suffering shareholders by around 28%, which in turn significantly reduced the on-market buying in our shares? Why did you announce the capital raise when the share price was trading up in the AUD 0.37- AUD 0.38 range instead of at a discounted price of AUD 0.26 below the major AUD 0.28 capital raise back in October 2025? Why did you announce this large capital gain the very next day after FID? Why not let the share price appreciate back up in the AUD 0.30s or AUD 0.40 on the back of such a share price positive announcement and do the capital raise at AUD 0.30? A few questions there. Let me just go through them in turn. The first question is around the $134 million versus the AUD 375 million. The $134 million was in USD, not AUD. If you convert that to AUD, it's actually AUD 200 million. Excluding the SPP for retail investors, we're actually raising AUD 150 million, in addition to what we needed to be fully funded, and we felt that was prudent, and our engagement with existing shareholders, the larger shareholders, had the same view. You can see that in the voting results. Raising that little bit extra, given uncertainties in the market, particularly with the war in the Middle East, we've seen as prudent. Just going back to your second question. In terms of your second question, why did we not raise capital when our shares were at AUD 0.37, AUD 0.38? We are very, very mindful that every time we do a raise, that dilutes existing shareholders' interest. What differentiates us to other rare earths projects is we go to an oxide. The challenge and why others have not gone to an oxide is because you need to raise more funding and more equity as a result. That has been our single biggest challenge. How do you raise in the order of AUD 800 million in equity in addition to similar sort of funding on the debt side? We have done that when there's been positive sentiment in the market and when there has been some catalyst, we can't always get that timing perfect. When we raise, we want to raise the highest possible share price, but the funding has to be there as well. The funding becomes available when investors can see that we've de-risked the funding. That's why it's always been off the back of a catalyst for us. We've tried to get that balance as best as we can. Looking forward, we are now in a very different space. After today, now that we can say with your support, we are fully funded, we now do not have funding risk. If you look at all rare earths projects, they have been quite volatile in price. Most of the value accretion in the last 18 months has been with the producers and not the developers, not the developing rare earths, and we've been in a similar boat to them. We are now no longer in that space. We're now between the producers and the development companies as being one of the very few rare earths projects that are now in construction. Hopefully the dynamics move in our favor. Again, I reiterate, there's things that are in our control and there's things that are not in our control, and the number one thing that will drive shareholder value is delivering on this project. You look at the market capitalization of the two producers, Lynas and Mountain Pass, you look at their volumes, you compare that to our volumes and our market cap, there is significant upside, but we've got to stay focused on delivering phase one, knowing that the market sentiment is going to come and go at different times. Indeed. Yeah. Today is the last question. If you did, it also was a previous response to that last question. Any other questions? Yeah. There's no more online, I will continue with Keith Middleton. Next question. Arafura is now an ASX 300 mid-cap listed company. We still only have two research investment firms that follow us. Where are the 40% market cornerstone local super and mutual funds, long-term shareholders that the board said it was aiming for? Why aren't there more local investment firms following our company's project? With the current share prices around AUD 0.25-AUD 0.26 and market cap of around AUD 1.4 billion. Could this assume that the market is discounting Arafura and the Nolans Project and asset and future earnings? Please explain why you think the market is severely undervaluing, discounting Nolans Project assets and future earnings so much. Is it because of the market not believing in Nolans and the projections and that project can be delivered on time and on budget, or trust in the board continually diluting shareholders or something else? How does the board plan to change this market sentiment? Like I say, Keith, just maybe if I brought back to the point. First, we have four analysts that cover us, but needless to say, after calling FID, we have a lot more interest. We, in particular, the team, are engaging with multiple analysts that now have an interest in following us. That now that the funding risk is behind us, there is a lot more interest in covering us. We've got four to date, and we will pick up on that and are picking up on that interest. I think you'll see that there is more coverage and more informed coverage of us as well. In terms of the recent share price, and look, at the end of the day, I can only talk on behalf of shareholders, but what I would suggest is that two things. Like I just said before, pre-today, there was a question mark. Are we going to get the funding? Do we fund this Nolans Project? That question gets answered today. That risk is behind us today. I think while we've had that funding risk, it has naturally had an impact on share price. The second thing is, whenever you got a Capital raise underway, an SPP that's open, that also provides overhang on the share price. You can imagine in the next week or so that overhang will be behind us. I would put to you that the biggest overhang on the share price has been those two quite temporary pressures. Have you found technology risk? Have you had business that will be registered possibly with the government? Good question. I would say, look, if you look at rare earths, I would say the biggest barrier to entry is getting the processing site right for the ore body and for the variations in the ore body. Look, this is the one thing I feel like really does differentiate us. We've spent 15 years understanding the ore body, doing multiple pilot testing. I think we're in a very good place. We've got a very strong process guy. We've got Hatch supporting it, who I would consider is the best process engineers in the world. The reason why I emphasize this is a significant risk, I think we have dealt strongly with that risk, and it is a differentiator. You look at other rare earths projects, in my view, when you look at their timeline, it is hard to imagine them putting the time and energy in that timeline to really understand the process risk. Processing is heavily iterative, and it actually takes time. If you shortcut it, the risk is you will build a plant that doesn't work. We have not done that. We've spent literally 15 years in understanding and optimizing this process. Is it in-house developed technology or we are dependent on any outside consultant or If you look at each technology in isolation, it is a proven technology. Now it has to be designed for the specific application, the technology itself is a proven technology. The biggest risk with these complex plants is how you can bring it all together and have it operate as one in a stable fashion, that's where a lot of work has gone into it through the pilot testing. Also there's a lot of work that we need to do in terms of building our capability, people capability, asset maintenance strategies and operating technologies and how we integrate the whole plant into one. We've got a clear plan to do that. Just last question. What is the order of phase 1 and what is the order of phase 2 of the project? Yeah. Phase 1 is what we've been going to investors with, that's producing 4,400 tons of NdPr oxide and a set heavy rare earths product, about 500 tons per annum. Phase 2 that we spoke of about two years ago, which we've done a preliminary scoping study on, which we will progress in parallel. We'll progress the engineering and the approvals in parallel with building phase 1. When phase 1 is up and running, and we understand what the debottlenecking opportunities are, we can then, we're talking about five years' time, progress with phase 2. We also, as we've mentioned a few times already in our quarterly updates and in our quarterlies, we're looking at additional heavy rare earths recovery and additional heavy rare earths processing because we know that if we sell a bundled heavy rare earths and light rare earths product together to a customer, we will get better pricing overall. All right. Yeah. That's exactly right. There is some upside to that, if we do put that subject to a separate decision, and it's a modest amount of capital for that if we do that. Anything else, Ashton? Two queries, if I may. Sorry. With regards to the contingency rounds that you've got within the budget now, you're confident that that's going to be sufficient to cover because there's nothing more embarrassing than coming back because it's suddenly not enough to finish the job and that really knocks the share price around. It's very critical to have that contingency adequate for what's required for commissioning. As well as the construction. Let me answer that in two parts. Just on the contingency, we have normal project-wide contingency. We've spoken about the additional AUD 150 million that we've raised as well. There is just under $430 million of additional contingency beyond our budget expected spend that has also been structurally either raised or available through debt. I feel like we've got strong contingency in place. Thank you to Peter and Michael and the finance team largely for doing that. The other side of the equation is what can we do to make sure that our capital is constrained, right? These projects, they're complex, remote areas. There is capital project execution risk. How do you manage that risk? What can we do? Make sure we've got the right team in place, make sure we're going out to competitive tender. You heard from Tommie is getting the best, most cost-competitive pricing is more important to us than racing into this. We've taken the time to get cost-competitive pricing. We've done the planning. I think we've got Hatch as our EPCM, very capable, motivated, commercially aligned EPCM partner. I'd like to think we're doing everything we can that's in our control to manage the capital, noting that we do have a fair amount of contingency available for that as well. We're capping it from both ends. With regard to the plant design, what emphasis has been given to the efficiency of the equipment that's being sourced? It usually is a premium price, but the return is usually very rapid once the plant is operating. Is that a criteria within the purchasing to make sure that it is the most efficient equipment that's being put in? Yes, it's a good question. If you look at the plant, firstly, we've made a point that we can source the materials and the equipment from multiple sources, and we've been very deliberate on that. If you look at the complexity of the plant, some parts of the plant are not complex, such as the beneficiation. Whereas in the hydrometallurgy, and if you like, the solvent extraction, there are parts of the plant that are complex. When you dive into the detail, there's some parts of the plant that are incredibly important for recoveries, and that is where you need to spend additional money. There's other parts of the plant that are less important for recoveries, where you can focus more on cost. We've made that balance. Being very clear on where you need quality plant for recoveries versus other parts of the plant where the recoveries of the end products are less sensitive. It's a good question. Okay. All right. I might have to call it quits there. The company secretary is rounding things up. Let me just make a couple of comments in closing. I just want to talk to your shareholders. You did not invest in Arafura because it was the easiest or lowest risk option. You invested because you believed in a project that was solving the right problem in the right way. Taking a Nolans ore all the way through to a product that the world can actually use without any part of that journey passing through China. This is a harder thing to build. We know that. As you've seen, it's a harder thing to fund. However, every layer of that complexity and challenge has produced something that now stands behind Arafura as a genuine competitive advantage. This is what you bought into, we are now going to build it. Thank you. Thanks, everyone.