Unfortunately I have a feeling today’s LTR news is pretty bearish for other juniors chasing funding, including Galan. Having major debt partners pull the pin after only just signing in mid-October is pretty wild. Galan’s announcement was 16 November so the negotiations were only around a month later.
That said, on the plus side for Galan:
1. they’re talking US$70-100M (not A$760M),
2. it’s with a commodity trader, not a bank (much tougher hurdles/compliance etc on the latter, I suspect)
3. project is a traditional pond setup, not a first-of-its-kind UG spodumene.
So by no means a like-for-like situation, but LTR is a massive project with big backers so this definitely shows how nervous lenders are feeling about the market.
Unfortunately I have a feeling today’s LTR news is pretty...
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