"Do you think it’s reasonable to be making CR calls"
Yes Sparecash, I think it would be prudent for WKT to raise funds before all the drama of commissioning unfolds, As I have said previously, I cannot see WKT exporting any graphite concentrate until August, and as you know, WKT is yet to lock in any sales agreements for its 40k tpa of planned production due to the customer needing to qualify the commercial production.
I would much prefer to have cash over a high-interest debt, if the plant doesn't perform as expected or sales are not achieved, good luck paying back US$25mil with a plant that has no free cash.
Anyway, I am sure you understand at US$25mil, this is around $38mil AUD in debt, or just under 50% of WKT's current MC, With the SP in decline and the death cross approaching, it is always better to raise funds when you don't need them because when you need the funds the market requires significant discounts, I am sure you understand this first hand after seeing the "priced to Sell" capital raising.
Oh and you make another valid point, the operating cost appears to be set for a significant increase with ~20 management joining the payroll in Jan and the addition ~40 staff that will be joining in Feb. There is no doubt plenty of on-the-job training while commissioning and fine-tuning will be encounted.
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