They'll confirm the Posco equity buy in and $7.5m cash injection...

They'll confirm the Posco equity buy in and $7.5m cash injection tomorrow. Which finances their approved (and locally supported) Relocation Assistance Plan and initial onsite work including final acceptance test sample production, ahead of full financing.

On the back of the Posco equity buy in I'd expect not too much delay before they confirm the Posco long term off-take agreement for the fines production.

And Govt approval pending with no issues anticipated.

With the large flake off-takes already in place (and capacity increased by providing a fourth module, at customers request) the next steps following the Posco deal and final govt approval will be site works and final acceptance testing via commercial scale production and samples. I don't see any issues there with prior Canada and China pilot production providing earlier customer samples and demonstrating the high purity of Black Rock's product.

Finance for the US$116m capex looks well advanced, including meeting prospective financiers' request for the modified DFS to include a diesel generation plant. That avoids risk of potential delay of the planned govt 220kV line and hydro supply.

And the finance requirement is substantially reduced by the EPC contractor framework agreement, including US$35m in deferred capital, and the anticipated US$10-20m POSCO prepayment facility. I'd expect newsflow to confirm those agreements following Govt approval.

DYOR, add or correct if you see any issues with the above. But going from a $100m market cap to a A$1.5billion project should be a fun ride over the next three years.