The obvious partner would be a Spanish institution or mining company.
There are plenty of both.
They might pay $US25 million for 25 per cent which would be more than enough to cover the ELT equity share of the debt package.
Another alternative is to create a royalty and raise the capital to build through a royalty company but that is expensive.
The permit will unlock the partner which is my preferred route for funding but that also puts ELT in play.
It should all happen in the next 6 months.
Ann: Capital Raising Presentation, page-19
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