It's likely just me, but I can't make sense of it.- In September...

It's likely just me, but I can't make sense of it.

- In September 2023 Ganfeng put US$138mil into Mali Lithium BV to acquire 5% increasing their stake to 55%.
- In January 2024 they are buying another 5% off Leo for US$65mil. Is that paying half of what they paid before? Even if the US$65mil is paid direct to Leo, shouldn't Ganfeng be tipping in another US$65 mil into Mali Lithium BV, making the total investment of US$130mil, similar to the previous "capital increase" as they call it.

In any case, regarding as to why this might be happening:
- Leo loaned ~$30mil to the JV to pay off some project stuff. They will be paid back this quarter bringing their balance back to AUD $60mil +. So from that perspective, Leo still has a lot of coin in the bank.
- In the Sept 2023 announcement it was noted Leo was in conversations with Ganfeng to increase the debt facility. This would mean they wouldn't have to sell any more of it's ownership or capital raise, right? Maybe these conversations weren't successful.
- FFX still has $30mil so to say Leo is selling 5% for AUD $100mil to pay off Morilla (and noting they will have AUD$60mil in the bank this quarter), doesn't sound right.

Not saying it's not happening, but I'll believe it when the company announces something.