Ann: Investor Webinar Presentation, page-55

I agree, Gurvantes will require a lot more development capital once the pilot project is finished (hopefully successfully).
This is why I think TPD's 33% share of Gurvantes needs to be taken over by TMK prior to any additional capital being sought.
It will be so much easier to attact an external partner if TMK own 100% of the asset. This gives them all sorts of options for farming down, either 50% or 75% for ~$100 million. These are the levels of capital we will need to start proving up Gurvantes on a large scale.
I hope TMK can see this, and will therefore be willing to provide scrip for TPD's share holder for the Gurvantes asset on a close to 1:2 basis.