Ann: Institutional Share Placement, page-7

Look at LCK announcement last week with a company called Energy Exploration Holdings LLC

This is not a good structure imo - its just there to buy time. The saving grace is that its not huge dilution even if fully placed at the worst case.

A partner will only come in at the CEIP level - because they want effective partial control over the asset, rather than being one step removed as a IRD investor.

So there will be an agreed valuation - let's say US$500m for argument's sake.

Partner will offer IRD US$250m for 50%

There will be an upfront payment and ongoing payments linked to milestones.

If the partner is industrial they will also sign up for offtake

All imo