Figure 15 and yes, without them explicitly stating it in their assumptions, they are assuming there is a large contribution from Urbix (or similar) to get mod 2 off the ground.
Fundamentally though do we expect the SP to be 10c in June 2024 after raising a large portion of equity, the syndicated debt and potentially prepayments and/or equity contributions for future mods?? Hence my comment about very conservative assumptions.
BKT research / Graphite sector research, page-531
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