It’s only ~$250m for stage 1. PLS could pay in staggered cash payments if they wanted to.
The outstanding offtake process went from 30 parties down to a short list of four and my very good understanding is that the four parties were each willing to pay approximately $100m in cash prepayment for approx half of stage 1 output.
So if PLS wanted to, they could very easily sign an offtake and the balance of capex (~$150m) could just be paid in cash.
Colina is the best hard rock development asset in the world for a reason - capex is next to nothing and future opex may end up cheaper than Pilgangoora (AISC basis).
Good News & Bad News, page-45144
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