That may be...but the savvy management did that last raise @ .27c, that was, for mine in anticipation of the inflationary impacts on the capex for this project. Originally it was to be circa $220M if I recall correctly. With the two raises at .27c along with the $185M Federal Government loan facility I believe that the build may be circa $300-$350M of which they have most of it.
The last piece of the puzzle will be an equity placement to a cornerstone investor e.g. a POSCO type, for maybe circa $50-$75M which will also be accompanied by a binding offtake arrangement of some sort.
Then we are off to the races.
All in my opinion of course..and I maybe 100% wrong
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