Yes. Phase 2 is $20M and fully funded by the $35M raised in March. So the extra $15M in the pocket should be spent on Stage 2 (HPMSM production) PFS study, build up the Stage 2 team, do DFS next year, develop a pilot plant, and buy a 6L Don Perignon for Christmas too.
PS: We can lend money to the BNP Energy Transition fund
Ann: Investor Presentation - September 2021, page-5
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