Demerger process, page-9

IMO I place a low probability for an outright sale mainly because FFX has created great relationships and is offering New lithium coy to use that network. That is extremely valuable and will save a serious amount of time eg years.

Any monies transferred to New lithium coy will need to be repaid.

I agree with your points about raising capital and certainly depends on the outcome from the data room and a possible deal valuation.