Ann: Resource Connect Asia - Company Presentation, page-15

customer prepays is one aspect of financing. Typical project financing with also include senior bank debt and potentially government financing from the likes of EFIC, Clean Energy Corp etc
collectively all this will reduce the dilution risk. Debt to equity ratios vary but can go 60-40% maybe higher. No one funds capex with 100% equity.
agree spod pricing is the main variable. At current pricing, it is much higher than the long term $2500 per ton per the scoping study so there is good buffer.

wonder if MIN will top up on GLI. Maybe Tianqi should walk to the front door and lob a bid at Ron given he is a Tianqi alumni.