I agree Maud'Dib. I think the stream finance option is less...

I agree Maud'Dib. I think the stream finance option is less likely now.

The company has suggested three ways to raise the additional US60m.  They all dilute current shareholders in some fashion. The stream finance option was based on giving up an unstated percentage of sales revenue for 10 years. The joint venture option involves selling a part of the project to another party. Exact details have not been canvassed publicly. The capital raise option has now been foreshadowed today. There is still the US11m from SMS when project financing closes, which will help the overall financing side of things but also dilute current shareholders.

This seems to confirm that the US90m mezzanine finance is the limit to which the company can borrow to fund the project. it also suggests that this part of the financing is close to being finalized. Hopefully it can be finalized and announced soon.

Hard to tell which of the three options is the best because we do not know the full details of any of them. Iggy has guided this company and project very well to date. I'm sure the timing and sequence of things has been considered before making today's announcement.

Timing of when the various parts come together is important to the outcome. Would expect a successful mezzanine finance announcement to boost the share price which in turn influences the capital raise price. The worst outcome for shareholders would be any capital raise prior to mezzanine finance.

It's still wait and see time, as it has been for much of this year.