The DFS came in February ‘23 with A$2.3B capex for the first stage. The funding approach came in April ‘23 with a proposed 65/35 debt/equity target. Between those two announcements, the picture became crystal-clear to investors: a company that, at the time, had a ~$850M market cap was (at best) going to have to dilute themselves at least 100% to finance the 35% equity portion of their stage 1 capex. Reality start to bite.
Separately: can’t help but wonder what the financial parties doing their DD think about a study with an assumed 20-year LiOH price of $30K versus current levels of $14K… those IRR/NPV metrics probably look vastly different now.
Ann: European Investment Bank proposed EUR500m ($825m) financing, page-35
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