Ann: Caesium product development expands offtake options, page-68

kelly (sorry the reply button is busted again)

You said: "we may receive funding for such coupled with an offtake agreement"

Maybe, but in the June quarterly, released on 28 July, they stated at one point that the lease agreement for the processing site will be signed "once finance is in place". So now the lease agreement been signed without any finance being in place. They also stated that execution of license to construct "is planned to coincide with securing full funding for the project". And then they said that the completion of the FEED later in the December quarter will allow stage 2 implementation to start in Q1 calendar 2023, subject to finance.

No doubt they are working to a timeline but to me it's coming out all garbled. I am not sure what is the final trigger for funding: is it an offtake agreement or the FEED?

Re any cap raise: I suspect the recent rush of announcements is the dotting of the eyes and crossing of the tease (sic) so as to close one or more offtake agreements, rather than attempting to set up for an immediate cap raise. Number one they just finished a cap raise in June and number two they will have to have a substantial exercise as part of the funding arrangement (doubt it will be all debt). It may be the US Development Finance Corporation will cover much of the cap costs of Karibib but the debt for the UAE will need to be more commercial you would think.

Final point: in the quarterly (released 28 July) they stated that the assays for 2 targets were pending - just shy of three months later they surely have enough results for an update on that score. (my understanding is they currently have enough JORCed up at Karibib for 14 years of phase 1 which would be about 5 years for phases 1 and 2 combined, which is likely not enough). So some more JORCing up would be good.