$50 Party, page-226

I haven't an accurate idea about the likely capex but expect it to be fairly significant (a ways over > $1 billion) but depending on metallurgy because of the size, rarity and critical/strategic nature of the resource along with likely significant margins/cash flow/economics I can imagine debt providers would be forthcoming on good terms such as was the case with ADT with their outstanding (bottom decile operating costs) Rupice deposit and the attractive terms of finance they achieved to fund capex to start operations despite being in Bosnia. I do realise the quantum is different and such large initial capex generally requires syndicated finance from multiple lenders.

Equity contribution of ~30% or better would seem reasonable so unless capex is ~$2 billion I don't see $600m dilution being necessary but once again I haven't an accurate estimate on likely capex.

All IMO. Good luck to all holders and this looks like a special success story with an outstanding deposit in a near monopoly market (albeit open and enthusiastic to competition according to information provided) in a product that looks to have massive potential future demand increase as a distinct possibility. Congratulations to anybody that's held/holds through the volatility, definitely ticks a lot of boxes.