So, don't buy the stock.
Short it, if you are inclined.
But you are ignoring my points, and the figures do not assume "everything goes smoothly" or "perfect commissioning." There is $165 mil AuD in contingency. So the figures DO NOT assume everything goes perfectly.
--You ignore the scandium, both as a potential source of revenue and as a specific JV target for capex financing.
--There is not "a financier" for $1.5 billion. A lot of the capital is already spent. It is sunk equity.
We cannot tell exactly from the breakdown, but it looks to me that a couple of hundred million are already spent. Read your own figures.
--Off-takes can be used as collateral, or even the direct financing from the counterparty.
--There is only a very small allowance for scandium, which I believe will be the subject for a distinct and
particular JV capital raise, and a major plus to income.
--Your post does not address my callouts. And the indications are, that they will be ahead of schedule on "the two year formal construction schedule".
--There is a 40 year mine life. There are a lot of investors who are willing to make that type of investment. RF just raised close to a billion dollars for some mines that are not going to be online for four years.
**
If you have a better speculation for a nickel, cobalt and scandium miner, I am all ears.
But from the sounds of it, you are not interested in the sector, because you do not know what battery formulations will be in eight years.
And of course, you also ignore all aspects of the company that are outside of Sunrise.
But I think they are important.
Best
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