General Discussions, page-30031

From the DFS.

Stage 1 Capex requirement is A$214.5m for the Mine and Mineral Processing Plant and $394.6m for the PSG Facility for a total of $609.1m. This includes pre-production working capital but doesn't include operating working capital.

With $114m cash or thereabouts, and an (up to) $185m loan facility aligned to the Mine and MPP ($150m term facility + $35m cost overrun facility), we might expect something like $150m loaned for Mine + MPP construction and $64.5m cash contributed, leaving circa $49.5m cash. At this point we'll have $150m in debt, and $394.6m capital required for the PSG facility (I'm figuring we'll need to keep the cash on hand for working capital and loan repayments, which lines up with the DFS commentary, but maybe I'm being over-conservative).

We're running a little behind the DFS timeline, but the schedule on Page 36 notes the plan to have construction on the PSG facility overlapping construction on the MPP, so it assumes we're fully funded for all capital costs from the get-go (i.e., while we'll start producing graphite concentrate ahead of PSG facility commissioning, that's not intended to fund the PSG facility).

Accordingly the DFS notes that this $394.6m required for the PSG facility will be funded from equity and debt instruments, noting conversations are already in progress around equity investments.