Ann: HPA Awarded Critical Minerals Status, page-8

I wouldn't equate building a HPA facility that cost $330 million, to building a house.

It's a lot easier to convince the government and shareholders to part with cash, then it is to secure funding from institutions who actually want the money back. Hence, having 13.6% 'free cash' doesn't build you a Plant if no one else will lend you the rest. It might be "easier" to borrow 86% then it is to borrow 100%, but easier doesn't mean that it will happen. Hypothetically, if securing off-takes is a condition precedent for securing the funds, and you don't have off-takes, you don't get lender financing.