Ann: Rex commits to next phase of Hillside Copper-Gold Project, page-29

It could mean a lot for things, but I'll try:

We’ll assume of the $850M to build the plant if 60% geared RXM needs $350 m of equity borrowing the rest.

• But if they sell say 40% of the project to another party, RXM has only come up with $204M of equity, borrowing the rest for its 60% of $510m. Now RXM may get $338m for the 40% sold, being 40% of the NPV on the 10-year mine life and a really good deal for someone. It could raise the other $2 m from us by selling a few more shares.
• Alternatively, it could sell 30% of the project to someone and do a streaming deal on the copper and gold to be produced for 10% of the project value and raise the balance of the equity it needs from us etc.
• Or they could try to raise all the equity in the market.

A structured process is a carefully considered way of evaluating a matrix of these alternatives in the market to get the best result (mix) for RXM shares.

All IMVHO and it's a only an example you can put in nay numbers you care to.