Under $0.50 Celebration, page-121

No one thought anyone would sell spod for $350 t in 2019 but they were.

Even at $1100 T Fob I think here may lose $120m in the first 12 months ramp up.

Wilsons have them needing $150m so I am not over estimating.

The trouble is bear markets have this nasty habit of lasting a lot longer than anyone anticipates.

The priority here should be to protect shareholders invested capital. Currently $955m plus a debt facility of $300m

They really should have done a raise at the recent $1.50 with their 118m capacity still available at around $1.27 would have pulled in $150m ish.

A nice pool of funds to sit out the current bear market.

I am struggling to see anyone wanting to fund the bullet payment in the current price environment, which makes the bridging facility difficult.

IMO