Associated News, page-221

60/40 debt/equity going to be an enormous stretch if we don’t get our market cap to at least $800 million IMO. That’s >4x from current levels. I would think 75/25 is a more realistic split.

If we can get $500m from EFA, $250 from NAIF, $270m K-Sure, $200m from EDC, $200m from Aus Banks and then achieve a $150m reduction in the capex requirement from easing inflation, this would leave $530m from an equity raise. Ideally, we get more from NAIF, but not sure that’ll be the case. We indicated $250m in that quarterly that was then withdrawn.

Double our market cap through the equity raise is a reasonable expectation, but any more than that is unlikely to be achieved IMO.

There is a line of sight to getting it done, but we need to start ticking a few boxes to get the share price to move in the right direction and support the project. Unfortunately, we just have to wait until the Gov’t tick all of theirs!