Ann: Non-binding Heads of Agreement signed with Traxys, page-69

I think $120m is very very unlikely and i can't think of any in recent memory who would of got off the ground without NAIF.

Could probably get $50m debt provided the other is funded from equity but where would that come from im not sure.

By not releasing the pricing / revenue shares ect in the study its a yuge red flag... along with the long mine life, makes me assume the bulk of it isnt economic. Consider these studys are nearly always proven to be overly optimistic i think its clear why no funding has eventuated.

Generally you need:
- to be close to logistics and port
- have a labor advantage
- have a structural cost / power advantage

andromeda does not have any of those to my mind. Its going to be a tough sell. funding providers are generally ALOT better at DD than junior mining companys.