SES Ivanhoe SPAC, page-9

not to rain on the parade

but I can't see SES being a significant player in getting SRL funded outside participating, maybe, in a small off take/ streaming agreement. It's a 3bio market cap post merger company without large sales and US$400mio in cash.

I'd be thinking BHP/ FMG or Rio, or a large automaker like VW // battery maker will be the strategic investor combined with a multi party streaming agreement that SES may be a small part of.

That's the only way I can think of raising the US$800-$1bio in equity/ cash outside of debt without diluting the company to hell. RF and SR will not want heavy dilution so that makes it a complicated deal to get over the line, hence taking a substantial amount of time.