They will need further capital at some point to finance the Montepuez Stage 2. Current funding focus is against Montepuez Stage 1. With that approaching nameplate they may be in a stronger position to pursue Debt alone for Stage 2 or alternatively look at an offtake prepayment.
They also make the following point in the Balama DFS:
"Combined with Montepuez and subject to continued positive economic, social and technical investigations, Balama Central provides scope for self-funded growth from a ~50,000tpa production- rate to at least 150,000tpa."
Ann: Balama Central Graphite Project Feasibility Study results, page-16
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