Unfortunately the time to hire an advisor like Macquarie to find...

Unfortunately the time to hire an advisor like Macquarie to find a suitable solution and not lose a limb in the process has likely passed. I never understood the reluctance to do so and strong objection from JP. He has talked about DJs strong connections in the Li space which are likely true but his ability to put a financing together is probably lacking.

A terrible time in the sector to be negotiating financing and with that said I'm starting to lean towards your hibernation or JV at asset level idea however expensive or inefficient.

A deal now is likely to be value destructive to shareholders longer term in whatever form it comes. There is limited ability to continue equity funding, a financing solution may bridge the current capex gap but if there are any mishaps either delays, capex overruns or product / rampup issues, they will be forced to raise further capital in a horrible position at the worst possible time (assuming li market conditions have not improved). Depending on the security position offered to potential financier you could end up losing the asset entirely.

As good as the asset allegedly is this has turned into a case study of financial mismanagement. Equity has stopped buying the story and financing is difficult to come by (a function of market sentiment and management decisions).

Why hasn't anyone put an offer forward if the perceived value is there? Perhaps there is more than meets the eye. The register has no blocking holders or local followers to discourage an offer.

Perhaps the tools down, batten down the hatches approach, wait for blue skies is the approach to preserve value before all is lost.

Aimo