Nice work @Smith71 but you seem to be working your share price off current shares outstanding (336.9M). You’ll need to adjust this figure upwards significantly to factor in the dilution from required equity raises. Based on what other Australian lithium developers have done there is zero chance Galan will be able to fund US$118M (A$177M) without turning to shareholders.
As a guide, all recent ASX developers have relied heavily on equity, some entirely on equity, given debt is so expensive to service. The below is only counting raises for project development, not other raises for project acquisition, exploration etc:
CXO raised twice, totalling $191M
LTR raised $463M (as well has having their $300M Ford debt facility)
SYA raised twice, totalling $389M
Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-233
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