Good on you for posting from an up to date and informed...

Good on you for posting from an up to date and informed position.

I'll just add to what you wrote:
Specifically as to why sell down the securities (cash equivalents become cash) now? Equated to a equity CR without dilution to shareholders ... IOW actual "cash is king"

He did say JV funding options were plentiful ... what he didn't say was that they were all non-dilutive or necessarily desirable.
1. Credit Facility .... yeah hope not .... too restrictive especially in volatile low price environment
2. IRA qualified supply ... should be at premium if not sold spot tp China ... whose the first buyer going to pay to secure that supply
3. Unallocated tonnage ... pre-payment to secure that (would be a great pressure release on JV partners)
4. Royalties ... these are "expensive capital" ... paid life on mine and basically get upside for free without further risk.

KP said customer interest remains high (as it should) but it requires refineries on NA soil to be built (quickly).