Ann: Vanadium Recovery - Landmark Commercial Agreements, page-14

Hi Pro, I’m encouraged by Chris statement second para re support from Nordic Banks on funding, it’s unlikely banks will fully fund the development but might take share guarantees etc to fund the bulk of it plus we may attract equity partners, green low carbon funds & grants etc in order to minimise our funding share and avoid CR.
Not saying it won’t be needed but I do think NMT will try to avoid one by ring-fencing this project from other activities and seeking to have a deal and partners that makes it self funding with any debt secured only against this asset, also wonder if another spin off might happen similar to WIN who then had CR in WIN shortly after.
See how it plays but like to think we try avoid CR against NMT and go for any CR as against this project value in isolation, the return on capital will play an important part and we are supposed to be in the lowest cost of production selling even the waste and having carbon capture this could payback in very short timescale, only my initial thoughts having read the Ann, Loop.