Barring a total IO price crash that makes DSO unprofitable, I...

Barring a total IO price crash that makes DSO unprofitable, I fully expect a DSO deal to be signed. But at the same time yeah I agree it’s not a huge problem if Anglo were to not sign on for phase 1 for whatever reason.. where there’s demand, there’s always another buyer for a quality product if needed. Their potential involvement in phase 2 funding is definitely a very interesting prospect to consider too, really is a watch this space situation as they are actively pursuing interests in green steel initiatives.

I’m also not concerned about the capex funding for phase 1, if anything I wrote suggested that it’s of concern then that’s poor communication on my part. I’ve just stated that the current plan is to use the prepayment expected from Anglo deal for startup.

To clarify too, my speculation around any further capital raise was intended to be in relation to fundraising later capex, not expecting any need for it in the short term. The company would be anticipating a certain level of cashflow from phase 1 DSO operations to go towards the beneficiation plant/Hismelt plan capex. If IO prices fall further than they budgeted, it seems reasonable that in addition to other sources of funds, they’d also possibly take on funds via another capital raise some time next year, that they otherwise might not have needed.

Totally agree with you, the current plan start up plan is fantastic, I guess as long as IO prices stay relatively strong. Spot prices 4% down yesterday and could be mid $140’s by tomorrow if the Dalian action so far today keeps up (-5.5% currently).
Still a strong level, but watching it play out very closely, as I’m sure most of us are.