I’m steering away from this being a normal traditional debt...

I’m steering away from this being a normal traditional debt funding arrangement because of;

1. The timing of this announcement - pre DFS - no point blocking your options so early
2. AMs recent overseas trips and
3. I doubt they would debt fund 100% without OT and even a Medium/High leverage debt would accompany a Strategic/cornerstone/OT deal, not precede it.

In short I agree with you this is likely a cornerstone and offtake arrangement and if it is then possibly coupled with some cheap debt access also

It is highly likely we have just substantially de-risked our project