The timing is what is unusual here - I also did not expect to...

The timing is what is unusual here - I also did not expect to see any further capital raised prior to the ML being granted.

For management to consider this funding, it must be an excellent (i.e. considerably above market price) offer to buy-in from the cornerstone investor, as VWAP wouldn't be ideal given the latest drop surrounding Omicron and US market fears (albeit short-lived). Given the recent trajectory in SP, we'd be likely over 70c in the coming 1-2 days, so why would management push the button on the TH today? We've just locked in a near-term funding via the ATM facility, so it doesn't reconcile that this would be for operational cash-flow.

IMHO, this raise is in relation to buying out the last 15% from DRC in part of raising the final equity for the remaining project costs - perhaps incl. the increased capital required for 10Mt/a output?

In any case, I'm hoping it is value accretive and blows us all away - which given the recent bullishness from Nigel and the team, you'd have to expect to be the case.

GLTAH! December is going to be a bloody exciting time to be an AVZ shareholder!