Ann: Fully Underwritten A$70 million Institutional Placement, page-159

I suspect they will basically get the mine and concentrator up, sell the concentrate whilst the PSG plant is been built. This will minimise any further dillution is the point given I suspect these sales will be cash flow positive. That is what I would have suspected would occur in any event, been sell concentrate on the spot market until you get the PSG plant up - in other words with graphite shortages and rising prices I am not concerned (i.e. just look at the prices PLS is receiving on spot sales of spodumene btw as against its long term contracts and suspect graphite prices on spot markets will be pretty healthy as well - obviously long term prices are more smoother than spot prices so selling on spot is pick your point of time to do it and none better than graphite shortage point). The point is we are going mining - long term all good.
All IMO