Ann: Quarterly Reports, page-164

Even I had to give to give this post a TU, it leaves the most bullish posts from @The Avenger in the dust.

Just looking at this from the offtake and debt funders perspective, given that WFE have no assets, no cash and no experience, why wouldn't a group of managers from the 'offtake and debt funders' get together, form a $2 company, and go into this multi billion dollar from nothing business, themselves??

Why bother funding a listed company with nothing behind them and no experience, when a small group of 'us' could be the $2 company that does all this and make cash like there is no tomorrow out of nothing in a private company??

The managers/owners of this 'offtake and debt funding group' are not very bright if they are just going to give someone else the opportunity to make all this money while they get nothing much out of the deal except some cobalt.

In the real world where I live, I can't recall the last time a large company gave millions of dollars to a company with no collateral and no cash, but it might just be my memory. Can some-one give an example, just one where a company gave pre-paid offtake or debt funding to an ASX listed company that had no collateral??
I've seen plenty where a JORC compliant resource was the collateral, but don't recall seeing any, where the indebted company had nothing.