Sounds like things are progressing with the financing. Sounds...

Sounds like things are progressing with the financing. Sounds like it might be at least a 2 part financing as we expected with equity/off-take from Mitsui along side loan and debt financing from a different party. I think some key points that are new is that they are evaluating Non-binding term sheets right now from ECAs, Strategic investors, and Governmental Agencies. These Non-binding term sheets will have a response deadline associated with them because they are not a easy thing to create due to all the internal processes in the corporations needed to produce a term sheet for a large project like Project Blanco. So in my opinion here is how financing might play out.

• Currently there are term sheets being evaluated from strategic Investors that would compete for the spot Mitsui has as a potential strategic partner. Due to Mitsui being in the game for so long and having completed due diligence I am assuming we do not see a new non-binding agreement with any other strategic investor besides Mitsui. I also expect that any definitive agreement with Mitsui will begin to get drafted once we get a non binding agreement with a financing partner.
• Additionally there are multiple other parties (Governmental bodies or ECAs) with submitted term sheets to become an additional financing partner. These term sheets will come with due diligence clauses that need to be completed after the signing of the term sheet and before the signing of the definitive agreement. Closing of the strategic partner definitive agreement and the financial partner definitive agreement will likely happen at the same time.

The next step we see is a new non-binding MOU with a new party to be a financial partner. The current term sheets likely have time limits for a response that is no more than a couple weeks to a month. Once this happens there will be a time line to closing which will probably be as long as a month-ish.

Here is my best guesses as far as a best case scenario time line goes

1. ~February 28th 2023 MSB signs a non-binding MOU with a new potential financial partner for debt/equity financing. By or at this time I expect a updated term sheet from Mitsui or some other indication that Mitsui is moving forward with a definitive agreement.
2. ~March 23rd 2023 due diligence finishes with the potential financial partner
3. ~March 30th 2023 binding agreements are signed for full project financing that includes one for the new financing partner.