Ann: Ganfeng to provide up to US$194 million of funding, page-34

I think Baron has a point actually and it's not how I anticipated it would be:

My initial understanding was:

• Firefinch (or 100% owned subsidiary) own the resource
• Ganfeng pay $130m for half
• MLB (new JV vehicle) then would get an even injection from both Firefinch and Ganfeng to $xx with the rest covered by a debt arrangement.
• Effectively we own $130m cash plus half of a $260m plot.

How the document reads and I think Baron is suggesting:

• Firefinch currently own MLB
• Ganfeng invest $130m into MLB to own half of it
• that amount will cover both parties development portions with the rest to be covered by debt facility
• Effectively we have $65m cash (committed in MLB aready) plus half of a $260m plot

So really (if I'm right here) it is less good for Firefinch than myself and I assume some others would have hoped.

All things considered, still happy to own half of what is now effectively a fully funded giant lithium resource with no outlay required.

Happy to be corrected hahaha... please...