Excellent posts over the w/e all, esp this one @ Chillimatt.
On the point of Aust Govt funding, I'd be surprised if ARL were actually eligible for a grant under the $2m to $20M facility, now that the JV-SPV are funding the DFS (which would be the subject of the grant). That's obviously said under the caveat that I haven't seen any of the grant laws, but given that it appears concessionary in nature, I'd expect that the grant could only apply to ARL eligible expenditure, not JV expenditure. It's unlikely that the Aust Govt would pay a grant to repay 50% of foreign entity spend.
But then again, maybe it could relate to expenditure incurred on selecting a strategic partner and the processes leading up to the SP announcement?
But, if they applied based on budgeted spend on Kalpini and Yerilla Hubs - then maybe. Both Hubs are 'post exploration', but some way behind in development than the G-Hub.
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