CAPEX chat, page-4

Pre-production capex A$70M
How big is the FID CR after debt finance is the question?... Market seems to think a lot and plenty to go around and re-filled very cheaply

during construction;
Final vendor payment and more working cap another A$30M CR
Possible 'extra' CR for cost slippage not unusual for these developments could be another $20M

Sales revenue at 440ktpa and US$60/kg NPr (without deducting 13% China VAT) looks more like revenue of US$45M than $65M from my spready...

LIN being squeezed from multiple directions atm

• RE prices in the toilet
• capex blowout from early, wildly optimistic US$20M company guidance
• some disappointing met work failed to deliver improvements
• Ba and Sr carb removal process inserted into flowsheet to increase capex and opex
• Indicated drilling of very highest-grade pit areas came back lower than expected imo
• cum-raise for possibly a big lick of new shares at very diluting prices (double whammy, vicious cycle down in share price, higher SOI reduces LIN value/share)

Don't see the company has done anything wrong except maybe overcook expectations a year ago?

My read on heavily sold down share price is by now nearly everyone in the industry except retail and HC knows some/all of the shoes to drop on the capex, opex, NPV, CR etc issues.

Hope I'm wrong on all counts, won;t be long until the shoes start dropping.

GLTAH