I agree HOOPZ, I also doubt Glencore themselves are providing...

I agree HOOPZ, I also doubt Glencore themselves are providing the funding. The original offtake announcement said that they have offered to “provide or facilitate” the funding which to me suggested they would most likely arrange for third-party funding for Galan vs themselves (which could have been as simple as an introduction to a known friendly finance provider they have history with coupled with a vouching for Galan). Yes, they may chip in a small part themselves, but I’m expecting a third-party is most likely involved here and probably from soon after the original Offtake announcement. If so, this would mean that third-party bank/fund is also doing due diligence and likely deeper due diligence than what would be remaining for Glencore DD post offtake announcement.

If this prepayment US$70-100mm prepayment financing is finally sercured from a 3rd party that would then mean that both Glencore (one of the biggest players in the world) and a bank/fund have done detailed DD on Galan and given them the full all clear and the cash - think about how much that detailed multi player DD then must derisk Galan’s project and strategy! It’s absolutely massive and will rerate the company share price big time!!!

What actually worries me is that successful DD by Glencore and potentially a 3rd party bank/fund can/will be used as “proxy DD” by potential opportunistic takeover sharks and someone will make a low ball play at Galan post DD! We are currently valued way less than the underlying asset value (ie a liquidator today would get way more for Galan assets in an auction than the current share price) so current share price is assuming the finance completely falls through and Galan completely fail…I doubt that will happen personally so what this actually is, and what we will soon look back and realise, is a very unique rare opportunity to load up cheap at prices lower than before we even had discovered a major resource!