What will happen when they announce an equity commitment from an...

What will happen when they announce an equity commitment from an offtake partner?

Remember, this comes in at point 1. They are leveraging the remaining offtake available to secure an equity commitment.

Point 1 also refers to 'substantial holders'. There is only 1 substantial holder, Hancock. So expect this to also be announced.

> For Hancock to retain 10% as they have committed to do (or increase to 20%) requires equity contribution of $150M+. The market is likely to see this very favourably, and as a 'cornerstone' as the name suggests for other tier 1 equity.

This could indeed drive sentiment and a higher share price, that then industry, institutional, and shareholders participate in.