Ann: Top 20 Holders, page-18

The $450 million would be the total potential funding requirement for Phase#1, from FID until start of commercial production. This would include CAPEX and Working Capital Requirements.

Management have stated that they will use debt to the tune of 60-65% to fund the capex of the project for Phase#1. The estimate for additional equity at this time is $145 million. Hopefully the share price will be significantly higher than what the IPO price is at the next capital raise, post FID. If you compare VHM to other up and coming RE companies, such as ARU and HAS, the VHM market cap is significantly discounted.

I would expect that Phase#1A and Phase#2 could possibly be funded from operational cashflow, but they have also indicated that they may need extra funds if they were to accelerate the later phases of the project.