Ann: Brickworks Collaboration Progresses to Development Stage, page-12

Management have stated multiple times that funding is needed for the completion of VIC1 and to begin SA1 so you are correct. Remember they also used IPO funds ~$2m to purchase full ownership of SA1 post IPO.

As for EPC chewing up funds I believe that management did indeed decide to use IPO funds rather than drawing on their CBA line of credit for all the items they were forced to order and ship ahead of time to NZ due to global logistics problems. This seems like a sensible move rather than needlessly paying interest since they were not going to get paid for these for some time, but with VIC1 and the NZ builds happening in parallel obviously they can't recoup these cost in time to use the funds on VIC1 so they really do need to lock in funding to keep this project on schedule.

Otherwise I agree with what axed has said regarding why funding is taking so long. This is a completely new business model in the Australian market and Joe outlined exactly all this in an interview a few months ago regarding educating and allowing potential investors to do their due diligence.