So I was doing some due diligence and reviewing DRA's (EMH's DFS study provider for the Li Refinery and Concentrator), it appears that according to their own financial results report FY23, EMH's DFS contract had a contract value of only AUD$ 5-10M, as per below:
With that in mind when EBRD was brought into the project EMH raised $AUD9.98M, meaning that it appears that EBRD is sponsoring the entire DFS being delivered by DRA.
Does that mean that all of the funds that have been acquired through the project % transfership to CEZ prior to EBRD engagement have been spent in entirety, as I cannot see where all that money have gone to if DRA's entire contract was funded via EBRD?
What did EMH actually spent that money on? I am a little perplexed as to where it is, anyone?
Not Gunna Be Enough Lithium, page-2317
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