The main thing missing is that all the money spent so far on the project is "sunk equity" and does not need to be raised.
As far as the rest of it, there are several realistic scenarios:
--take-offs with strong counterparties can be used as collateral for bank loans (no dilution);
--the scandium circuit can be handled as a separate capex sub-project, with a major injection or advance on take-offs from someone like Chinalco or Airbus...note only a small portion of scandium production is counted on the income side, but all the capex is;so minimal dilution;
--futures can be sold forward on the London LME, or to Pengxin's commodity group; (no dilution)
--a streaming deal could be done; (no dilution).
Friedland and Zhaobai have the most to lose in a dilution.
I think they will pull it off.
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