Ann: Quarterly Activities Report and Appendix 5B, page-13

@Birchcorp, thanks for your thoughts. I appreciate the significance of finalising FEED and negotiating (to the extent possible) fixed price EPC. This appears imminent from the timeline presented in the 1/4ly which, as you point out, hasn't shifted materially for at least a year.

From what I can see, assuming further capex escalation as is the norm in the current environment (ARU has already flagged $100m; I think pre-production capital will be around $1.5bn inclusive of a cost overrun facility when it's all said and done), the debt component of financing could be of the order of 66%. I'm hopeful that 15-25% of the equity will be a strategic customer, leaving a reasonable proportion of the balance to the current register.

GLTA ARU holders