You are not going to fool many with selective highlighting @Bullant.
"You have to pay pro-rata to get to this stage". No. Alcoa will contribute above and beyond pro rata for phase 2 (demo plant). Read the lines below your first highlighted line - you ought to obscure the rest if you are going to play those games.
Everyone is aware that nothing is assured until the JV is incorporated and that the majority of Alcoa's funding will come through at phase 3. Roly can call it what he will - clarity is not his strong point, I doubt ill intention.
Genuine pro rata 65:35 distribution of costs will commence under the incorporated JV after completion of phase 3. These additional contributions from Alcoa are substantial and constitute their staged earn-in payments for 65% consideration. Ultimately looking at a $75M payment and $242M:$15M split across the 3 development phases.
