Ann: 2023 DFS investor presentation and webcast, page-67

@szopen

Hi Szopen, if positive cashflow only starts in Year 4 after completion on Stage 1B I'd be surprised if any Bank would lend towards just Stage 1A - how would they lend when they know that payback of the loan is contingent on completion of Stage 1B (another $57 million capital required). What happens if Stage 1B never proceeds eg can't get the funding for Stage 1B? Banker will be left high and dry and will lose funds advanced for Stage 1A.

So, IMO any Bank is going to want to see that the project is fully funded to positive cash flow i.e. end of Stage 1B, which means total capital required of $119 million ($62 million Stage 1A + $57 million Stage 1B) as a Condition Precedent to provide any funding.