Balance Sheet & Funding Commitments, page-15

My take is more straight forward.

1. Raising funds now buys time to crank up pilot plant output, lock in customers, drive anode demand higher and boost the share price.

2. Stronger business fundamentals, strengthens negotiating power to fund growth.

3. JV partners and lenders will compete to offer deals for stage 1 (19k tonnes).

4. Talga will do a $50m to $100m CR in late 2021 to fund WC and strengthen balance sheet by then SP should be $5.

5. Ore bodies, anode plant and Stage 1 inked contracts should be enough collateral to enable close to 100% borrowing for Stage 2.

6. FCF will totally fund post stage 2 expansion plans.

Don't forget EV demand is going gangbusters in Europe...shortages all the way up the supply chain.

So, in short, with a stretch possible to limit shares on issue to 400m means overwhelmingly future value remains in shareholders hands.

Can explain more but that's the guts of it.