It'll be commercial in confidence. So all we can do is speculate. Maybe the CEFC will offer their support the moment the remaining 1/3 offtake for Stage 1 is achieved. Who knows!
I got this from the CEFC's website (link here) which I think is interesting:
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30 July 2020
The CEFC has strengthened support for Pilbara Minerals with a new investment to steer the company through the next critical phase as its Lithium-Tantalum Project (Pilgangoora) gears up to meet growing demand for lithium.
The CEFC commitment of up to US$36.7 million extends its original $US15 million investment in the Australian lithium pioneer in 2017 and is part of a new US$110 million Pilbara Minerals funding structure alongside BNP Paribas.
“The CEFC is proud to strengthen our commitment to a company forging a new path for our resource sector while helping Australia transition to a low carbon economy,” CEFC CEO Ian Learmonth said.
The development of a renewable supply chain is critical to our clean energy future. Pilbara Minerals is helping build Australia's capacity to supply much needed resources for the clean energy technologies that will play a vital role in increasing the use of renewables in our future energy mix.
Ian LearmonthCEO, CEFC
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The part I've highlighted in bold says it all: The CEFC is all about assisting Australia transition to a low carbon economy. Renascor clearly fits their GREEN, CLEAN ENERGY objectives. Make no mistake about it, the CEFC is a supporter and it doesn't have a Battery Anode Material producer on its books. It needs one to round its message and they have chosen Renascor above all. Most likely because of its 'robust' project economics – a unique massive flat lying orebody for cost efficient mining at scale, followed by a low-energy cost, HF-free downstream processing facility to produce PSG to meet the demand for Anode Makers.
No wonder it has the support of Government at all levels. Exciting times!
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