Ann: HMW Project Achieves 1,000t LCE Contained Inventory, page-26

If they borrow US$60m it will probably be at something like a 20% interest rate. If there is a delay, eg environmental protest or unexpected weather, the company could end up in administration. It is not clear that a bank will lend to them even if they wanted it.

Galan is basically already out of cash and relying on this ATM instrument. It probably only has only about $10m of that left, and so is almost out of road.

Glencore has a long track record of screwing over clients, which was why there was so much negativity when they were signed up.

HMW is a great project, but is screaming out for owners with deep pockets. Some sort of take-over, friendly or otherwise, has to be coming soon.