They are shipping product but they don't have to announce...

They are shipping product but they don't have to announce every single shipment. They told us they are shipping product out the gates to offtake partners and the December Qtrly will no doubt reflect this. If it doesn't then there will be reason for concern. Prior to this, I trust that management are selling high grade product at the fastest rate they possibly can.

It's in their interest to push product out the door as fast as possible because the more money they can have coming in the better the finance terms will be for the 1.5 expansion plan. The debt will not 100% fund the expansion strategy so they will have to fund some of this themselves. Every lender will apply a LVR and commercial terms will probably be 60-70% debt, the rest funded by the company. Hopefully it's cash flow from offtake shipments plus a small raise with minimal dilution.

2023 will be an exciting year for CXM