Just reading between the lines and trying to get my head around...

Just reading between the lines and trying to get my head around further potential capital raises for LLL and the intrinsic value of the spin-off :

From this ANN:
"Taken together, Ganfeng’s debt and equity funding package of at least US$170 million is expected to substantially fund the Project through the development phase"

Substantially to me does not mean completely or fully. A large portion but not all of it.
Then, how would you define "development phase"? - How far is this off from production?
For sure they will need to raise more captial, the question to me is how much of a final (producing) company do we get with the demerger and its financial endowment: 40%, 60%, 80%?
Any thoughts welcome.