Ann: Presentation - Strategic Partnership and Long Term Funding, page-80

I think you know the answer

It looks very high risk to the banks (which it is)
Lithium forecasts are all over the place
Operating costs aren't certain - they could be operating at a loss for a few years
Ramp up risks
etc

It's like trying to get a home loan when your circumstances are very difficult.

If lithium sentiment was up, and prices were higher, they wouldn't of had an issue

LTR did actually mention they were exploring other options to the debt package a while back. So it seems they didn't place all their eggs in one basket, and worked with both parties simultaneously. Its better to have multiple options and backup plans to fall back on