I'm more worried about Tiris than Sweden. Start with the fact...

I'm more worried about Tiris than Sweden. Start with the fact that Tiris is a greenfield project in a greenfield jurisdiction. This makes it harder for Aura to win tenders for the offtake agreements. Without the offtake agreements, securing funding for the capex becomes more difficult. Capex funders want assurance that they’ll be paid on the other side and the offtake agreements go a long way to providing this. Without funding for the capex, there’s no point talking about NPV because you can’t build what you can’t fund.

So, just on the financing side, there’s a delicate chain of events, and all the pieces need to fall into place:

Offtake agreements

Funding for capex

FID

Offtakes agreements are said to be “close” and I’ll breathe a little easier once Aura announces the contract is signed.