I didn't forget that, as I said, GM's total investment of 69m...

I didn't forget that, as I said, GM's total investment of 69m us$ represents around 6-8% of the expected capex if we assume a 1.4-1.8bn $au range.
That includes both the initial binding commitment and the FID related equity investment (44m us$).

We are locking almost 90% of our lifelong Ni/Co production for that. (860.000t locked in for GM vs 100.000t for LG/Posco)
It also means we don't have any Ni/Co offtakes left to market to partners to assist an eventual early development of phase 2, hence it reduces the options.

I really hope we don't need any bargaining chips anymore as we look as solid as a junior company can be. But until an official ann states that the financing is secured, I won't take it anything for granted, like everything in investing.

I honestly think there's more positive than negative in this partnership considering GM's clout, I'm simply pointing out what the few drawbacks of this strategy are.