Correct, but you're talking a tier 1 asset there, different...

Correct, but you're talking a tier 1 asset there, different league. And I wonder when DEG goes to borrow what terms (specifically hedging) they will be required to put in place.

The other point worth noting is that DEG just commented in the DFS that capex had increased 24% since September 2022 due to inflation in construction costs. That means the replacement cost of BC8's plant is going up also.

I am a bit ambivalent towards this funding package. Taking into account the last raising it's about $7m more than I was expecting (+ the $10m to pay out NST) and a lot more equity dilution. Given there was no rush I would have preferred to see a substantial part of the equity come through an underwritten renouncable rights issue eg these two companes taking a 10% stake each an underwriting an additional 9.9% each. We might have ended up in the same place anyway if shareholders didn't contribute (and given current price there would have been minimal take up) but at least shareholders would have had the choice.