Yes the debt matures then but this was to get the project started and intention was always to refinance at nameplate. Given September production number of close to 17,000t they are almost at nameplate so I think the company has done very well and I'm not sure what else you want them to do? As mentioned, they obviously are looking at refinancing and now they are almost at nameplate then the odds increase. Its just a shame in regards to the spod price but the quality definitely seems to be there as stated numerous times so in the box seat for when the tide turns.
As also mentioned which you seem to keep missing, multiple trios to China for advanced offtakes has been mentioned and it has been stated in the past that stage 2 expansion offtakes are likely linked to the debt. We haven't spent anything on SYA but it wouldn't surprise me if something is going on there, remember CATL is in place with NAL.
As for the downstream converter, this is an option only and how dare them look to expand downstream and secure another potential customer for offtake at worst.
Feeling content,
Palchum
An unholy Trinity: USD 125m < 10 mths to resolve....., page-166
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