Counterpoint: Talga is spending about $9m a quarter. 30m is 3...

Counterpoint: Talga is spending about $9m a quarter. 30m is 3 quarters and change.

I do not think Talga is expecting a serious delay, at most, 6 months. This cash raise is not a lot based on how much $$ talga is spending. If talga were spending $4m or $5m a quarter, I would agree with you. Now that the EVA trial plant in lulea is up, I think there is more money being spent.

Talga has as you say, roughly 5000 tons of AAM to sell. We do not have a permit to mine this much each year, the permit was for that much period. If 1 ton is 12k, you are looking at potentially 60 million in that stockpile, if it were all sold, which we gather it will not. If say 10% of that went to Stellantis per year and they did actually pay for it , that is 6 million a year which is helpful, but not enough to overcome operating costs.

I do like your worst case scenario of 12 months from the point of award, if some conservation group tries to sandbag proceedings. I fear that Talga will not be able to survive without another credit raise if that is indeed the case, unless it manages to sell more of its AAM or sells it for a higher price. Preferably both.

I do wonder if a positive permit ruling from the county advisory board of norrbotten, even if appealed, would be sufficient for financial institutions to award talga the money that I am sure is guaranteed to us as soon as a permit is in hand. Maybe?