Ann: Company Update 121 Conference, page-19

that's my feeling Max. I would just really like to understand why we need this equity component still... kfw seems to be covering 100% of Capex including contingencies etc... So what's the equity for? Working capital during construction? Surely that is factored into Capex costs? Don't think I saw initial production costs paid in advance on the titanium agreement, but from memory woojin said they'll pay our first production run in advance... Not sure if that was just the vanadium costs

I really don't get why it hasn't been simply explained to date...