That’s not actually correct, sorry. Your scenario is only correct in a specific circumstance, i.e. an OEM won’t provide prepayment because there’s no available offtake for them.
However a normal debt provider (whether a banking syndicate or a high-risk specialist like Taurus etc) want to earn a fixed rate of return, likely 12-15% or higher. So for them the offtake provides certainty and limits their own downside.
Ann: $19.5m Raising to Fund Ongoing Development of HMW Phase 1, page-99
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