Ann: Tanzanian Government Update, page-36

First things first, confirm FCI, settle POSCO offtake and $20m USD offtake. Rerate

FID and financing thereafter. I would be amazed if they decided to do more than $50m AUD.

$116m USD. If you want to treat the EPCM $35m USD and the POSCO prepayment as debt and split it 70/30 Debt equity that would leave $35m usd to raise. Which equates to $50m USD.

Given that the company has done a good job in delaying the $35m for engineering works til after confirmation of final product and given the mooted $20m USD prepayment it would be very conceivable that the company pushes the envelope further on the debt equity split even more aggressively. $116m USD is quite a low number all things considered so if things got hairy they could raise pretty comfortably at a later date.

Am invested in another company that will require $1bn capex and you wouldn't dream of being able to be so aggressive with the debt/equity there.