"I certainly take your point, and I was being a little facetious...

"I certainly take your point, and I was being a little facetious with my comments. My point being they raised $20m in an afternoon (give or take depending how the SPP goes) so I don’t accept that this is a dead duck without the Glencore deal. Their overheads are very low and they could slow down development work to stretch out the cash if needed. One or two similar raises within a year, and/or the sale of non-core assets and/or something like another Acuity CPA would see phase 1 get over the line imo. It’s not an insurmountable CAPEX requirement for this type of project. And that is worst-case. Don’t forget they still have a binding offtake with Glencore even if the finance falls through so that should help secure other forms of debt if needed".

I don't think Glencore or anyone else could turn the screws too hard on GALAN ATM when Galan still has Candelas in their back pocket. The Candelas asset could be sold to fund Stage 1 if needed, other funding options also CR/other parties, the sharks would know this. As Matilla mentioned above we already have a binding offtake for Stage 1 and Glencore probably are going to throw their hat in for a piece of Stage 2 in competition with others. IMO Glencore is more likely to view the relationship between themselves and GALAN as one of mutual benefit.