Agreed. These would most likely not run concurrently so the...

Agreed. These would most likely not run concurrently so the profit from HMW could finance Candelas in which case the financing requirements (and therefore dilution) would be a lot lower. However, you never know what approach they might take to capitalise on a Lithium bull market. Also, if we go the Lithium Chloride path the capex would be much lower again (possibly as low as 300m???). But in order to keep a level playing field across companies and combine the NPVs of both projects I need to combine the capex requirements.