Ann: Trading Halt, page-125

All very valid points again , Joinoz ....and they help us "desk top jockeys "bounce these what if thoughts around !
I accept ...as most of us do ....we are simply flying kites and likely way off the mark , on what will soon play out !

But just to add to the mix of today's discussion .
Yes , the $US250M ( or $A 370M ) for 20% from the consortium , should go ahead and provide a very substantial start up "deposit for Toongi .
And , as Woodall said in the Korean Newspaper interview in October about a further "strategic investor consortium " coming on board ( maybe thats the "BUILD AND PAY " suggestion/option for Power Plant / Sulphuric Acid supply __I forget the specific terms used earlier!) , that might provide further sizeable relief /reduction to the original capex of $1.2 billion to $1.4 billion ??!!!

Maybe total Funding contribution from the South Korean Interests provides $A 600M ....leaving ASM with circa $A 600M to Fund .
The Letter of Support from the EFA ( 28th June ) is for a further $A 200M ...but this is still a "repayable debt"! Looking at the conditions , as extracted below:
"As outlined in EFA’s non-binding letter of support, a successful outcome from the EFA assessment
and due diligence process is contingent on a number of conditions, summarised below:
• securing offtake commitments for metal products, which diversify critical metal supply chains;
• execution of a lump sum turnkey fixed date contract with an acceptable engineering contractor
for the engineering, construction and commissioning of the Project;
• finalising the Project’s funding plan including the raising of equity and securing funding from
other lenders;
• meeting eligibility criteria, credit and risk requirements, including, but not limited to, EFA’s
“know your customer” and anti-bribery requirements and checks; and
• the Project receiving the required regulatory and environmental approvals.

I am just not sure the conservatism of the ASM BOARD would be "comfortable "with debt of this level ,particularly with some of the overall current economic uncertainties in this crazy Covid /Clean Climate/ political times , particularly when just commencing quite a huge construction as the Toongi Plant will be .

Watching the Bathurst excitement as I scribble this ...some irony that its being held in the ASM/ALK part of the world that has/is /will benefit long term holders substantially --and we are hours away from knowing the winner of the race , as well as the next step of ASM's stiry unfolding !