done deal with toyota, page-12

Great news - some positive surprises:

1. equity component of CAPEX reduced to 30% so ORE share now only $41.3m
2. production increased by an additional 1100 tpa to 17500 tpa so more cash to pay down debt - due to JOGMEC guarantee the interest rate could be under 3% which means an annual interest bill less than $3m

Any guess on how much TTC will pay for their 25%? Agreed basis is NPV - using a conservative 10% discount rate for lithium only (no potash credit) the NPV is $273m = minimum $68m cash upfront for ORE? More than covers CAPEX requirements so no capital raising and no dilution.