I know others have tried analysing MT’s body language in previous webinars/presentations and taken some negative vibes from it over the last year or so.
I can agree with that to some extent on previous viewings.
This time I think it’s clear Mark has got his mojo back.
Incredibly positive about things across the board, particularly on funding.
Financing slide and Q&A really pushing equity by partners at the project level and not equity in head company. Sounds like many options open and also improved debt funding options if (when?) CRMA strategic project status is confirmed.
MT back to talking about major dilution “over my dead body”.
Very direct answer to this question
Q Are you confident of Talga securing project funding without excessive dilution?
A “Yes”
The chart above is interesting in light of how he described the way analysts have to look at funding - he said they have to assume that any non-debt financing comes from issuing shares. Just the way their models work. So all future share price projections are based on much more dilution than he is willing to agree to. Looks like they're trying to use this chart above to really drive that realisation home. The orange is the equity gap of about EUR155M, covered entirely by strategic investors at the project level?
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Delays in signing offtakes because of permitting has been beneficial becausethe newer discussions are healthy on price and on “significantly” better terms.Existing discussions still happening. He Uuderstands people are anxious about itbut Talga in a position to pick and choose.
He didn’t say it but I think this might actually be the transformativeyear (he called it exciting and optimistic – and hoped everyone can join him inthat excitement)
Side note: not only is Tal-Si still alive, Tal-E might be too? (one forthose that have been around 4-5+ years). Although given what both MT and benchmark have been saying about SSBs it probably won't be needed. Stopped short of an update on the shipcoatings though
(20min delay)