Usually when there is debt used, a portion of total CAPEX comes from a cap raise. Say a 70% debt to 30% equity mix. This minimises dilution for shareholders. That’s the advantage of a “bankable” feasibility study ( DFS will be to “bankable” standard ). Bankable means they can pursue debt facilities with stronger terms. Project is in Australia so a premium jurisdiction for pursuing finance.
Since the project is low CAPEX, the debt burden will be low. The project has robust margins which will help with fast payback of debt.
The second scenario is funding from 100% equity but that creates greater dilution ( over 3x the number of shares issued compared to typical debt scenarios),
Usually when there is debt used, a portion of total CAPEX comes...
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