Capex will be revised, likely to slap a good US$30m minimum on top, an independent technical expert is vetting the costing. Then they will aim for 60% debt, probably get 50% if on preferred terms or try different debt package if terms are average. Everybody has been taught to fear dilution and most times rightly so. But when dilution is for critical, company milestone reasons, it’s more tolerable as it’s a necessity, and it could surprise to the upside if more off take prepayment is provided, cornerstone investors or PE decide to take a position. It’s shit when it’s your usual retail Aussie book doing the raise flipping for pips, due to overhang on market, but it might not be the case.
There is no point speculating on MC in production as this is contingent on basket price which nobody will know where that’s at until we are there.
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