On further reflection, this is how I see the situation. A...

On further reflection, this is how I see the situation. A fanciful scenario.

The FID is "final" and cannot be announced publicly until finance is secure. A given.

In this case STX believes that it can go it alone. i.e. finance it itself with capital, further income, and CR.

Mac would not then be needed to get STX to FID.

STX will be in good shape financially when the interconnect is complete and Walyering is producing 40TJ/d. A substantial amount of income will be rolling in.

STX now has a $60 million facility to play with for at least two and a half years. They can now direct much of their income to projects which would normally be covered by the two additional facilities, if used. A nice backup, however.

Mac will not commit funds beyond the value of Walyering, (no matter what you think STX is worth) but might be agreeable to lend to this amount, if there is a nice, secured return.

The uncommitted funding from Mac hopefully will not be needed short term, just sitting there as backup.

WE FID is expected in August. I would expect Mac to be poised with details of an offer if or when the FID is announced, but not before.

93 million means nothing at this stage, just a warm feeling. It is not needed for the FID; STX has said so.

All IMO. J L.