If paying off LTR is what needs to be done so that CXO can release the Resource Upgrade and meet their contractual requirements to LTR for upwards of a 5 MT discovery, and therefore legally claim to have the supply necessary to sign a binding offtake agreement with the Swiss then that could be extremely soon.
They have said the upgrade is imminent and a revised DFS will be provided just before the end of the Quarter. The Quarter ends in approximately 5 weeks.
If the offtake agreement is bigger than the ballpark figure of 50 000 tons on top of what we are selling to Yuhua, and includes a prepayment option, then we might find that finance is effectively sorted and we are ready for the FID in the second half of 2020. This is extremely exciting stuff. But as a small holder, finding the cash right now, just to stop myself from Dillution is gonna be tough ask.
Ann: Placement and SPP alongside First European Offtake MOU, page-53
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