My humble opinion, page-29

“ …including the dilutive ATM ..”

IMHO

LKE’s September 2023 Quarter has outgoings of $35.5M.
Assume LKE reduces costs and expenditure by 15%. to $30M.

So IF LKE withdrew $30M from the ATM at 10c.

I’d expect they’d them to issue 30M/0.1 = 300M shares. (0.3B) to Acuity.

LKE Shares Outstanding are 1.422B

IMO Equity dilution would be 1.422/(1.422 +0.3) = 0.83

So a $30M ATM raise would cause a 17% reduction in equity.

And that just gets them one quarter.

There are 5 quarters until FID targeted for Q1 2025.

How much to you think that LKE can reduce costs and expenditure by?
How do you think that LKE will get the cash needed to get to Q1 2025?

Will they announce a Strategic Review?

DYOR