PLL General Discussion, page-645

Yeah that 22.5% intermediate step is kind of neither here nor there for me. Once FID is taken we are off an running. PLL (I would assume) first deposits the $70M Capex into the JV account ... that secures 50/50. The JV then funds 50/50 the excess of $55M (s0 ~$27.5M each). Worth noting is the SC6 avg price LoM of $1,359/t ... 70% above GS price of $800. Puts perspective on few projects. Lucky (?) Ewoyaa is also one of the lowest capital intensity project and low Opex to boot.

From the PFS




And just for further reference, from Cowen (May'22 ... it has been updated since)





Now a little bit of caution. PLL raised ~US$121M in Mar'22. For the avoidance of doubt
https://www.sec.gov/Archives/edgar/data/1728205/000114036122010756/ny20003396x2_424b5.htm




This raising did notspecifically raise capital for the Capex of Ewoyaa. IT did however raise the Capex for NAL restart. Let's just say the first 50% shipment (so net 15Kt) of NAL SC6 covers that (assuming a $5,000 net margin its $75M). So unconcerned by any "funding gap" that is often bandied about.

A Qtrly is also due shortly, and from last report Qtrly( i.e. Sep'22) Cash =US$117.5M. In this Qtrly, in the outlook section



To prevent eye strain
"As we progress our projects in accordance with our strategic timeline, we expect to incur certain additional cash expenditures in 2023, which will require additional equity or debt financing. These additional cash expenditures primarily relate to: (i) funding of phase two of the Ewoyaa project"

So that cash comes from somewhere right ... and the only "cash generating asset" is NAL.