$50M NRF Equity – Great for LTR, Terrible Precedent

So the National Reconstruction Fund is tipping $50M into LTR – a company that has raised over a billion and has Gina Rinehart and Tim Goyder as major shareholders.Since when did taxpayer equity become a backstop for well-funded, listed lithium plays?

This isn’t "reconstruction" – it’s market distortion.The NRF was meant to fill capital gaps, not subsidise capex for billion-dollar companies.

Moral hazard 101: why bother raising on-market or managing dilution when Canberra might tip in equity at will? The thought of Canberra picking winners and losers in critical minerals is a scary proposition. History confirms they are in fact hopeless at that...Salt Lake Potash (CEFC), Strandline (NAIF)....next?

Great for LTR short term. Long term? Opens the floodgates for corporate welfare dressed as critical minerals policy.Smells like politics, not policy.