In the 60/40 debt equity split, grant funding is included as...

In the 60/40 debt equity split, grant funding is included as equity. If Talga manage to secure the ~ €70m EU grant funding, that would leave only 27.5% (€154m) outstanding, which would likely be filled by a strategic partner taking project equity or a pre-payment agreement. This also doesn't include any other potential grant funding - we know they've applied to the Aus Govt.

This would be an outstanding achievement, especially considering most other ex-China graphite plays are currently on hold due to low prices causing extreme difficulty in terms of financing.