Authium, a US-based company, will be building a ~AUD 40 million+ liming processing line for us at no cost. Instead of charging us, they will utilize their nanofiltration technology. In return, they are seeking an offtake agreement for 45kt LCE for their downstream operations in the US. Additionally, they will provide a USD 6 million prepayment once the brine is processed through their facility.
As a result, we only need AUD 25 million to bring Galan into production. However, due to strong interest, Petra is only able to secure AUD 10 million in convertible notes (CR).
This partnership significantly reduces both CAPEX and OPEX. Between the offers from Chemphy and Authium, Authium’s proposal is likely the more attractive one.
For your reference, Authium is not a small three-person startup—it is a part of a much larger corporate group.
GLN Price at posting:
12.0¢ Sentiment: Buy Disclosure: Held
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