Ann: Arrowsmith North Updated BFS, page-95

I don’t think the financials are that difficult Carna. Assume a worse case of $80m @12% and your financing cost is $9.60m pa, or $4.80/tn at 2mts pa. In reality that figure is likely to be lower due to customer prepayments, potential NAÏF funding, critical mineral subsidies from the Govt and…a cap raise.

the last point is the most interesting one. Bruce has said he doesn’t want to dilute existing shareholders, but with the capex blowout, is that still realistic? Every project I’ve worked for, the banks usually want to see a -50/50 mix of debt and equity. When we only have a market cap of $60m, even a $30m equity raise is significant dilution in the short term.