They note the investment is US$27.9m at the project level and...

They note the investment is US$27.9m at the project level and US$5.0m at the Atlantic level.

This means the project now has US$70m + US$27.9m of secured capital funding. At $185m, the project has a $87.1m funding gap and more if you take a conservative view as to the likely ultimate cost. The project would now appear to be owned 47%/47%/6% assuming PLL's conversions all progress as planned. An expected Ghana government free-carry 10% will reduce these percentages further to 42.3%/42.3%/5.4%/10.0% so you do at least get the cute outcome of the Ghana government diluting the MIIF holding!!

Piedmont and Atlantic share calls on capital beyond US$70m equally although it would appear MIIF is now has a 6% call on any capital from this source.

I'm presuming the project level will receive the cashflows from the modular DMS meaning part of the $87.1m funding gap may be met from these anticipated profits (and if US$171m is received from Modular DMS at good margins then most or perhaps even all this gap is met by modular DMS profits). For a project FID you would want a backup solution incase profits from modular DMS were less than expected and I'm sure they are working on this.

Atlantic still needs to fund 47% of the remaining funding gap after the bits that at the project level are funded from Modular DMS. They now have US$5m more cash to fund this requirement and the size of the gap has reduced. On optimistic modular DMS assumptions the gap is closed inclusive of existing Atlantic cash. On lower than stated modular DMS receipts Atlantic's still got a gap but not one that is particularly large. There is still the offtake to agree which appears sufficiently large that it can easily fill Atlantic's funding gap.

Well at least that's my take in it.