Ann: Fully Underwritten Equity Raising - Approximately A$425M, page-21

Good questions. In FY18 and 19 they had enough cash flow to self fund the project, but it was always going to be tight and rely on good operating and market conditions. Of course spot prices got worse since then and we have had severe interruptions in operations as well due to covid. There's certainly no guarantee that things are going to improve back to FY19 levels anytime soon and on current operating cash flows of ~$50 mil per year, its just not going to cut it.

There's $500 million needed to sink into the planned projects by 2023, imo its good to see now that they have ALL of the cash and loan facilities that are required on hand to accomplish that TODAY, regardless of what disruptions might occur to the RE markets between now and then.

That money has been provided by JARE and their insto placement investors, so there are plenty of investors around who would are willing to invest.
I think that one of the reasons they are happy to invest is that they see the long term potential. But another important consideration with major projects is that they are de-risked. Everyone is happier to know that the cash required to complete the project is an absolute certainity - which is what we have all learned is true today.