Dynofish you have managed to silver coat LTRs lack of...

Dynofish you have managed to silver coat LTRs lack of finance......

Crazy notions questioning approvals... finance package......

Yes this interim finance is subject to many pre conditions.....

It is NOT approved at this stage.....

If this falls over they can do a placement to sophs.....

Your CAPEX is out of control.....

Sigma expect Stage 2 capex to be the same as stage 1 USD100m....

For an extra 270kt.....

They have the money in the bank.....

LTR capex A$895m and the rest.....

The $550m loan is to repay Ford AND complete construction + commissioning......

Construction was to be finished end of 2023 when that $895m was revised upwards.....

Only recently they said they had enough cash to complete construction....

But not now....

How much extra for all those FIFO workers on the ground for an extra 6 months??????

That fall led to the lenders invoking a rarely used "material adverse change" clause in preliminary documentation (my assumption).

Your assumption - how you came to that assumption god only knows....

My assumption is....

CAPEX blew totally out......

Why wont OPEX blow totally out.....

Offtakes aren’t as good as many make out.....

Banks wary of the spin.....

Remember that we have more than enough funding to complete the project.

Why do they need this loan to fund construction as below.????

Tony Ottoviano and his CFO would not have effectively put their jobs on the line unless they were supremely confident of producing the goods to the banks

He has no option...they need to fund construction.....

This with all those conditions is the best he could come up with.....

Am I concerned about this? Let me say "I am not"

You should be.....

High debt, High OPEX, history repeating itself.......

This downturn has a way to go yet, a few scalps will be claimed in the process....

Good projects get easy finance.....

Gina will pick up the pieces......

Shorts will once again cash in.....