Bidding War, page-16

hi ConvexPirate
interested in your spreadsheet workings and methodology
from discussions with mgmt it is known the desired structure will be formation of a JV co. Here I see a % of project is sold for cash consideration to SRL and partner then pays pro-rata for construction costs / opex etc (some will be equity and some debt). SRL fund their portion from the cash consideration from sell down. JV co use debt facilities, cost are split depending on ownership % structure. I've made an attempt at what this would look like in previous post above.

I note your model looks at a capital raise scenario whereby SRL maintain 100% ownership with shares diluted at a price to be determined. at the end of the day this accounting would produce a similar result but in practice it wont happen for the bulk of the expenditure.. maybe some contingency capital raises at $10+ after FID i reckon

ps. your capital costs are in AUD but the NPV is in USD, for consistency need to bring everything to AUD i suggest