Good.. someone else gets it.
It is listed as capex, because it is capex, and it is a cost but it will be paid by debt, and likely equity. The more equity the cheaper for ADN.
Lest also not forget that the loans will be structured to be fit for purpose. Probably a fixed term, with first interest payable 6 months after 1A startup, and secondly an overdraft that will be drawn upon in the latter 2024 stages. It doesn't do the bank any good if ADN fails - they want ADN to succeed, and they want future business.
Ann: 2023 DFS investor presentation and webcast, page-34
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