This seems an acceleration, or atleast not being held back by the PEPR finalisation (and FID and govt loan condition satisfaction which follow PEPR), and getting on with it. If RNU wasn't confident on PEPR being close, or atleast without material conditions they would be looking to procure long lead-time equipment.
Per AFR this morning:
Can't spend last $15m cash on hand on this stuff and have nothing left awaiting PEPR (and thereby $185m govt loan funds). RNU are getting on with it. This raise is essential to keep moving forward and is clearly a sign of confidence given 'use of funds' of the CR.
Is the CR sufficient to get them through to production? Who knows, but any additional raise (which would be modest even if costs of $280m as one HC person mentioned), then this will be done at a later point in time, at a substantially higher SP, being even less dilutionary.
As it is this CR is only 10% of MC. Small fry.
Super exciting times!
