Ann: Altech - Breakthrough Silicon Alumina Coating Development, page-209

IMVHO implied by your information is that if they need more capital in say 6 months to a year.
the would want to announce progress on one or both of the two main fronts.
Being

• funding for the Johore plan > the greenbond.
• something more concrete wrt coating e.g. agreement with automakers or significant (market moving) progress with PFS.

IMVHO that's reasonable. Otherwise they may have to fall back on their Malaysian Benefactor (short term).

Two further unrelated things occur to me.

• they wouldn't have accelerate the spend on coatings tech. if they didn't believe it has legs.
• the Edison comment "success is 99% perspiration and 1% inspiration"

I think Iggy and the Dr. are a little ball of sweat at present (and they aren't in Darwin).

BTW: I think my wife's going to get me up to Darwin just before the "wet". Then I'll be the little ball of sweat. (only one of the two of us has been up that way). Sorry if I digressed.