My thoughts were that the $65m still required was excluded for a...

My thoughts were that the $65m still required was excluded for a reason afterall it would seem Alliance have the capacity to finace the lot.

Obviously FAS will require an off-take partner for the ore to secure the Alliance funding, maybe the offtake partner will supply the $65m required in exchange for their first million ton of IO.

Perfect scenario for FAS as it secures an offtake partner which in turn secures the funding.The sweetener for the offtake partner is they purchase their first million ton at a huge 40% discount to the current market price.

I could be completely off track here but I suspect something similar eventuating, we will just have to wait and see.

Cheers.