No necessarily. What if WL is worth more than $1B? Also, it could be structured like an earn-out type deal over 3 years. This will preserve the immediate value within the company but at the same time de-risk the projects.
WL is fully developed for the next 3 years. They have shipped con to Trafigura and received payment - meaning the product is to specifications. Steady state production by September quarter. If they were to sell 20%, there is minimal risk for the buyer.
If they get a chunk of money now, they can put it to work developing the SS UG portal and drill the next 5 to 7 year mine plan. At the same time, obtain finance for the plant and infrastructure knowing there is cashflow from WL, mining services and payments from WL buyer. Trafi had a $100M term sheet ready to go back in 2019. They want the con cuz it's worth more than money.
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