Agreed. IMO, the company will proceed with gearing of ~60%, as...

Agreed. IMO, the company will proceed with gearing of ~60%, as this is what the banks will ask for.

They will have to do a raise at higher prices and hope LG, POSCO and GM to stump up cash up front (i.e. not for equity). We have the bargaining chips in this scenario IMO, as they need low carbon footprint nickel and cobalt, so they will have to pay up front to get it. Our cash flow will be down for the first couple of years of production, but in order to get the project up, sometimes you have to rob Peter to pay Paul.

GM will obviously put up another ~$70m or so for equity, as per their conditional commitment back in October.