Ann: Trading Halt, page-134

If stage 1 is as profitable as everyone seems to think here at Galan (using current SC6 pricing), then financing should have been a breeze and fully funded by now (regardless of the source and the make up of what the financing deal looks like) . If you want to take a look at a quality company with quality management look at how Liontown resources went about funding their project (From Junior to producer), they first initially secured a binding debt offtake agreement with ford ($300 million), management then re-financed this facility with a debt agreement of $550 million with a syndicate of lenders (including CBA and NAB - banks) upon moving into production, yes they had to raise a portion of equity at the same time but that is standard practice (there will always be a portion of debt and equity). There is a reason why Galan has at this stage fully used equity to fund stage 1 capex (most expensive form of financing) because production at 5kt for the year at current SC6 prices will not be profitable, anyone who thinks otherwise is delusional. I agree that it will be suspended further on Monday, the reason being is sophisticated investors aren't lining up in their droves to fund this project because they know who is at the helm and it is only going to be doing 5kt per annum for stage 1 and likely to be operating in losses, if SC6 prices don't increase. Cheers, CP.