Interesting announcement. In reality HHR have farmed out another 20% with a potential to claw it back if they can achieve financing downstream. IMO HHR could have got finance on acceptable terms they would have announced this instead of a farmout.
The base case now is that HHR is risk free for 20% of Phase 1. Less upside but almost no downside for HHR. The old quote "20% of something is better that 100% of nothing". The DCF still looks OK.
The market however remains unimpressed.
Ann: Funding Solution Secured for Project Development Costs, page-10
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