what are the chances of a capital raising?, page-86

I agree with those numbers and general assessment Rob - btw it aligns with AGY's capex estimate of $141m for a 10ktpa BG carbonate operation, which includes almost $20m contingency. Keep in mind the industrial grade (only) nature of GXY S1, as well significantly better brine properties. Gap will be very small imo.

We'll have other costs over the next 2 years and it's too risky now to assign ALL of our cash to SDV S1 build - therefore a small gap is likely between S1 cost and COH available to S1. The BNP debt facility may come in handy here. Otherwise sell down a very small portion for say $50m..? Perhaps POSCO would like to spread their $$ and risk around a bit, to help them secure their target % of the market..?