Ann: A$25m Capital Raise to Support Full Funding of HMW Phase 1, page-17

If this raise is supported, ~745M shares on issue at $0.65 = A$485M. Needs to get over this to make it worthwhile exercising those options, which would then increase the shares on issue and thus push market cap even higher. Phase 1 production has been reduced by 25% to 4ktpa (a considerable matter I think some might have overlooked); assume costs up maybe 10%. Using current spot price and other DFS assumptions, I get FCF at circa A$8M p/a. Nowhere near large enough to support further expansion, and definitely not worth close to A$500M market cap in my opinion. Needs lithium price to recover very strongly for those oppies to be worth anything, but if you're still holding lithium stocks at this point then you think/believe/hope lithium price will do just that. So, I think $0.65 options dead and buried, but probably good upside from these SP levels if they can finally execute on the finance and if the rights issue is actually supported (meaning no further ATM taps or raises to fill gaps).