And the cost of financing has gone up. Interest rates have gone up. If they use equity financing to get over the finish line, this is going to wreck the share price even more and more dilution will happen to existing holders.
At ~20% IRR, it's not sexy enough for today's market. Management really needs to take a hard look at the parameters again and up the IRR.
Ann: TECH Project Feasibility Study, page-220
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