Spot on Blue. Speaking of reducing the equity side, this piece from one of Talga's recent presentations comes to mind: "Financing strategy targets 60% project debt and 40% equity (which can include state aid and strategic partnerships)"
On the previous presentation from 30/05/2023 it's stated on the EU Momentum slide: "Talga is exploring green funding opportunities, including proposed Sovereignty Fund"
So it's likely that equity will be further reduced by state aid such as the Sovereignty Fund. The rest of my post in more detail about this: Post #: 68523435
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-33
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