A plausible bull scenario...
consortia funds $20m, $20m comes from grants, making up the $40m dfs.
consortia gets no offtake or equity for this.
all offtake and project equity contingent on consortia securing 90%+ finance for project capex. Most of that capex is debt.
Ardea free carries 30%+ of project cash flows
Leverages this incrementally to double project size with new partners / develop adjacent assets
I don't think $2 chart resistance holds these dam walls breaking if we get the bull scenario above
I think we got to 5, maybe 10 as additional strategic partners come on board later in 2024
Ann: March 2024 Quarterly Activities and Cashflow Report, page-15
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