Stage 2 Plant Expansion CAPEX from 2022 DFS is US$24.1M (this...

Stage 2 Plant Expansion CAPEX from 2022 DFS is US$24.1M (this does not include any wellfield development capital). For the plant only this includes addition columns to get capacity to 2M# plus the backend equipment for capture and drying.

Moreover, they have contracts due to deliver 400K (min) in 2024 per the last Annual Report and still have 200K due for delivery in 2023. Contracts can be renegotiated and if I were a utility looking for pounds I would remove the requirement that pounds be produced at Lance so the 211K that they have inventory could be used for the 2023 delivery.

Time will tell what they need to raise, but given the delay from field activation to recovery, they will need a good bit of working capital as well. Per the Sustainablity report they had 33 people on staff plus the C-suite expenses so this "delay" will burn cash as well.