Your line of thinking is incorrect. This is the exact reason why...

Your line of thinking is incorrect. This is the exact reason why there is no debt financing in the sector. Banks do not take a bet on future demand or future commodity prices.

This means all the capital will be equity related and it's clear from the current cash balance that it's a very difficult environment to source this type of funding. As I said before, VRC will probably be forced to sign a convertible note in order to survive.

By the way, putting your entire super into VRC is one of the most irresponsible things I have heard for a while, particularly as your back up plan is the pension. I don't particularly want to pay tax to support you later in life so you can have an all in punt on some rubbish graphite stock in Tanzania. This is going to end poorly and you could do with a reality check.