Glencores prepayment is max US$100m. Capex stage 1 is going to be US$118m (it’s always at least the max).
So they cover stage 1 capex or so minus US$20m, but thats also the first years stage 1 O/T income, so there is no new cash coming in until the second year of stage 1 production in 2026.
The opex for the second year of stage 1 production still has to be found, plus general costs for GB and Candelas.
Depending on prepayments for stage 1 in further years or stage 2, Galan is def going to need cash beyond this initial Glencore prepayment.
General Discussion Banter GLN, page-13878
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