I wonder whether some portion of funding might be obtained through some form of offtake financing.
$200 million is pretty low CAPEX in the scheme
of things- I would be more worried if it was much higher. Other companies I follow have $1 billion CAPEX in their PFS!
But yes you are right- low MC is of concern. Considering current funding is enough to complete all studies before an Investment Decision, there are few barriers in the way of a run up in price this year.
Ann: VR8 Appoints Corporate Advisor, page-10
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