"Looking forward, we will continue to refine the plan as we...

"Looking forward, we will continue to refine the plan as we pursue the optimal funding mix which will minimise costs with due consideration to the financial risks."

Its easy to read the possibility of a CR in those words.

With $200m of assets and a funding requirement of $26m to generate $200m of cash after pay back there should be no need for more equity.

I'm inclined to think Lachlan is talking about weighing up the pros and cons of low interest that comes with onerous covenants that hold you back at the beginning and stop you going forward until the debt is repaid or dealing with a lender who lets you get on with the job quickly and carry on full steam ahead and isn't anxious to get paid back because your a paying him a decent amount of interest. Having the funds available to get started ASAP and get the plant up to full capacity in the shortest possible time is way more important for Shareholders than saving a bit of interest.

Start as soon as possibly and don't bother paying back the debt until you have to would be the best option. A bit of extra interest in the upcoming Inflationary climate will disappear into the either.