Ann: Ta Khoa Project Development Update, page-107

IMHO you're misinterpreting the update.

Having the flexibility to sell nickel and cobalt sulphate intermediate products while completing precursor cathode active material (“pCAM”) qualification processes will provide cashflow security during the critical project ramp-up phase. This strategy has also attracted several new downstream players, with short term nickel sulphate off-take a desirable contract to secure.

Staged development of the Refinery, with an initial train capacity for 200,000 tonnes of concentrate feed per year, before expanding with a second train to 400,000 tonnes per year, which would be funded from operating cashflow,

My understanding of the above excerpts from the update is that development of the initial train capacity of 200,000 tonnes, as opposed to 400,000 tonnes, will require significantly less capex for the first stage of the refinery. Further to this, cashflow from the sale of nickel and cobalt sulphate intermediate products will de-risk the financial position of BSX, which means that financing through partnerships and/or an equity stake will be more readily accessible.

I'm sure the impending DFS will address those details in full.