Phase One is only about $30m others have mentioned. They just raised $35m plus have plenty of options that can be converted maybe about $20m worth. Once the MRE is out offtakes discussions will get more serious potentially with prepayments.
Then apparently Phase One revenues can be used to fund Phase Two - see from 11.30 in this video
Don't forget the Bauxite project has significant revenues projected from 2025 also.
Ann: More Outstanding High-Grade Rare Earths Assays, page-65
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