General Discussion, page-86

Thanks Bayhunter.

That’s really helpful. Sounds like initial volumes of stockpiles to be sold need only be matched to required equity portion of capex (say ~30%). Then;

1) ongoing volumes of already beneficiated stockpiles can be sold, plus
2) commencement of mining and beneficiaries activities can service the debt portion over time,
3) then accrued earnings can contribute to downstream equity.

Minimizing volume of upfront sales of beneficiated ore helps, especially given the current cyclical lows for lepidolite concentrate prices.

It also implies that imminent drill results and Namibia concentrator funding may not be inter-dependent… but those drill results may become crucial for maintaining the claims made in the DFS about the integrated project metrics.

Many thanks
AM74