ASX Today, page-13661

If you can you put as much Capex as you can on the shareholders because its interest-free and it greatly improves NPV. You just have to pay a dividend at some time.

It makes the project much easier to sell on, and it also makes the company more vulnerable to hostile takeovers because debt always acts as a poison pill by increasing project risk.

Its almost like (if they go 100% equity) they're setting up for a sale if a good offer comes along.

But it also means they can borrow more money for later expansion - so with an LiOH plant at a $1 billion they'll have debt of $1b & not $1.5b, which in turn makes the expansion NPV even better

It's short term pain for us, because there won't be a retail offer, just instos & their sophs and they'll sell for a quickie.

Personally I'd be surprised if its 100% equity but if they can get it away, why not. It means NO DEBT, a better NPV, and the project remains tier 1 and totally unicumbered.