Ann: Conditional approval for up to US$150m from KEXIM, page-15

Sensational even though we anticipated this excellent outcome after SK high level meetings last week - they have wrapped things up very efficiently.

Yes USD75 million debt remaining through sluggish Euler Hermes - debt component wrapped up on that with plenty more made available from Australia gov should ARU require it in form of near 300 million for over run and ramp to capacity production asap.
With 20% of product now allocated to spot market (previously 15%) - there remains a possible 600T thereabouts to play with - depending on the over one third to SK which could be the same ate 1500T.

Fully derisked in my view - equity component will be very, very interesting indeed as will construction time and CAPEX and the tech/science delivery - ramp up to scale - debt paybacks/future extensions possibly to Aus Gov loan - stage 2 plans - takeovers of wannabes - but that will all take care of itself over time just as it did with Lynas once they got the Japanese support.

What a superb quality mix of Tier 1 governments and global companies.