Well IQ would surely be first in line for the debt portion....

Well IQ would surely be first in line for the debt portion. Their commitment will be tested if SYQ spins out the refinery asset and asks for equity to be contributed ... eg as SYQ say current state refinery "worth" $100M ... contributed as equity by partners (SYA $75M and PLL $25M since it is coming out of SYA). If we had 50/50 Debt-Equity you could argue Abitibi-Lithium-Chemicals (ALIC) needs to be capitalized at $800M ... Debt of $400M (say IQ takes half and bank the other half). Equity required is Current contributed plant plus $300M.

So how much do you want to keep of it? If we (SYQ) want 50% Equity then SYA needs to write a check for $75M and PLL for $25M. Partner that buys in puts in $200M and there is you $800M to go off and complete the plant (C$555M + 30% = C$700M is rough estimate). The $800M is US$ so plenty of WC for ramp up and other factors (maybe even a capacity upgrade?)

Finding the right dance partners is not going to be easy .... and capital IMO NEVER comes without strings (as PLL found out with DoE grant ... sure it was "free money" but it did mess up the capital structure for lenders and so its no good).

That dilemma is the one we (PLL posters primarily) have suggested may be problemmatic .... how does the flow sheet stand up to the advances in technology over the last decade and more.