Ann: Noosa Mining & Exploration Investor Conference Presentation, page-140

absolutely... MEP's disclosures to this point have indicated an intention to fund their share of the JV .. as I have mentioned, their obligation under the terms is accumulating daily as a payable/debt for MEP and as a receivable/asset for ADN

with an estimate of total Capex up until stage 2 of around $102 M.. MEP are staring down an obligation of some $25 M over the next two years

The million dollar question is that if MEP intend to fund their share, how and when..

Keep in mind this estimate of Capex is not specifically for any product but would take the project through to the point it is processing 500k t ore and producing ~ 220kt of various kaolin product.. The processing system / plant that MEP are part funding may well be the most cost effective way to launch into processing feed for bolt on products such as HPA, HPH, etc etc

ADN have $45 M odd in the kitty.. IMHO they will 'try to' borrow $30-50 M to cover the total cost of Capex and collect from MEP on a quarterly basis their 25% of all related outgoings and/or interest.. Keeping in mind that revenue and cash flow starts to flow in 2023 and hopefully the need to raise or borrow further is extinguished from then on..

going to be a fascinating run home to production for the project