The $6M won't be available for mining startup. The funds would...

The $6M won't be available for mining startup. The funds would go into the research JV. The important thing is the grants could be a key factor in driving the future demand and offtakes for the Pure Halloysite. They've already had some great progress on other application testing and grants.

The thing with these applications is they will require significant tonnage.

There's a number of ways to fund mining startup:

• Offtake pre-payment
• Delays in CAPEX payments ( i.e. favourable payment terms ), for example paying the mining contractor, toll refiner and shipping after first revenues received
• Small debt funding arrangement supplemented by an equity component

To start operations they will just need to setup access roads, fencing, sheds and other basic infrastructure. Then pre-strip and DSO contract mining starts. There's no process plant to setup initially. That will occur about 12-18 months after first operations ( and they are proposing to essentially use an off-the-shelf wet-process plant ).