Yes depends on the share price at the time because of the phrase you've highlighted.
If I'm reading correctly and my maths is correct, POSCO have agreed to raise their stake by an additional ~116m shares (based current quoted shares on issue only).
So approx US$7.5m investment at the current share price and well short of the US$40m upper limit.
Hopefully this is a catalyst for the share price to improve prior to a binding decision, and they can access as much of that US$40m as possible.
Ann: Black Rock Signs Offtake and Investment MOU with POSCO, page-7
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