Ann: Entitlement Issue closes raising $8.8M, page-69

I wonder if they based the two improvements to debt / equity ratio and equity price on actual conversations with PB or something else. Seems like tea leaves reading or gut feeling to me.

Gotta wait for the FEED first. CAPEX figures in the DFS, which are used in the research report as well, are provisional.
Although the NPV has low sensitivity to CAPEX, this may balloon considering the DFS was done assuming production of the refinery component would be done in low cost countries, while it's to be expected these will be built in Germany now due to SMS overarching involvement and the German debt

the NPV won't change by much as a consequence, but the funding requirements and thus equity dilution, that old chestnut, may