Yes, reading between the lines it would appear they have made good progress with the project financing in the last month:
- May: "Engagement with additional debt Financiers ongoing"
- June: "Engagement with debt Financiers progressing positively"
As you noted: "non-binding terms sheets have been received from domestic and international finances"; and "Boab is confident of securing a financing solution for Sorby Hills that achieves the level of gearing targeted by the company"
I would also like to note the closing gap between market cap and pre-production capex, previously it was around a 1:10 ratio (30:300), it looks it is heading towards a ratio of 1:4 (50:200) assuming relocation and refurbishment cost of ~$50 M for the De Grussa processing plant (~$60 M total as opposed to $130 M). This is just high-level.
I need to properly update my valuation to include the second hand processing plant and expected dilution, but it is looking positive so far. I just hope they can raise at or above $0.2 per share and limit the raise to $100 M for 750 M shares total, as to target a post-tax NPV8 of around $0.6 per share or more.
(20min delay)