Quick back of the envelope there are sunk costs of A$1.2b in...

Quick back of the envelope there are sunk costs of A$1.2b in realestate + capital expenditure (or over ~A$1.5b inflation adjusted) with A$252m in debt (@aud 65cents). Near term cash flow the issue. Vultures are circling.

Recent Cobalt news flows are turning more positive. China stockpile ~15,000 tons of metal, hedge funds trading exposure. Jervois strategically desirable - so IMO VA calls look more likely to be down ramping. But we should have a bit more clarity on this in the next day or two.

Backgrounding Millstreet Capital (not a lot of public info available)...

...hard to tell whether they are a friend or foe?

Millstreet Capital Acquisition Corp. operates as a blank check company. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Business Strategy
...business strategy is to identify, combine with and maximize the value of a company that has either emerged from bankruptcy court protection or may require strategic incremental capital to effect a positive transformation...

https://www.sec.gov/Archives/edgar/data/1846362/000110465921090299/tm216036-3_s1.htm

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Interestingly Crux have also outed them (but again I'm not sure this detail is factual or a future looking statement)...

Bringing in a strategic partner is another option under consideration. The goal would be to find a partner with a strong alignment of interests. For example, one of Jervois' bondholders Mill Street converted debt into equity in the project. This gives them upside exposure if cobalt prices recover rather than just earning fixed interest.

https://www.cruxinvestor.com/posts/jervois-global-weathering-the-storm-in-cobalt

mmmmgus