AGM, page-215

It is most likely he'll do both debt and CR because the shortfall is big. Some say that it's no need because of income from Mount Cattlin and the $60M CR and potential offtake.

I did not include $60M CR because it was raised as working capital, which as it states, requires $$ to run normal operations. I also did not include tax liabilities in my earlier scenarios because I was being generous a bit.

GXY has made a loss of about $214M AUD or $161MUSD in the past. At $240M USD (net cash without tax) means they are liable for tax in 3rd year which will reduce their capacity to fund SDV. Sure they can achieve offtake (with small prepayment) but that income will most likely cancel out the tax liabilities which in turns still leaves $240M USD net to fund $376M USD Capex.

Canaccord (their advisors) have already done scenario planning. That's how I got one of their graphs in terms of funding via 50% debt. Another scenario includes 15% cap raise (without shareholder approval) to fund SDV.

There is a shortfall and so hence scenarios planning were required on how SDV can be funded (either through Debt, CR, JV or combinations)

Scenario 5: $100M Equity sell down (or CR)