Let's hope your right on the strategic. Because without one WR1 could be facing an existential event.
To take on Renard against the current balance sheet could be catastrophic if the Li downturn continues and has likely been advised as such by the auditors. Not only is there a purchase liability but the C&M ongoing liabilities.
The other option which is IMO what will happen without a strategic - WALK away. Come that point how much will have been spent?? What then for Adina?
Un funded Renard option is no different to starting a build without funding. A nonsense.
@Jason4 - Cash on hand is one component. They may have $20m COH today, though I doubt it. Off that you need to deduct current liabilities. These could be $8m-13m by my estimates. they had to chip in at least $1.6m for the option extension also.
The SPP will flop.
(20min delay)