Ann: Nolans Project Definitive Feasibility Study, page-6

Yep, LYC have Mt Weld, but a lot of 1 mine companies get to a point where they expand and become multi-mine companies. LYC would stick to the category they know you would expect and there are not many targets to buy within this segment.

They don't and probably couldn't just make a takeover offer for ARU on market given the register. But they could approach ARU and become a funding partner, building an ownership position over the next few years as the project de-risks.

It might also give them an Australian processing plant option in the future, which might avoid future issues in Malaysia, which could change anytime a minister or government changes.

ARU is going to be partnering with someone for funding, whether that be equity, or debt, so will be interesting to see who values this opportunity highest.