Have been considering the financials as stated in the upcoming...

Have been considering the financials as stated in the upcoming BAM a bit this morning. Wondering how they are going to cover the capex figures.
Financials will likely be spread across each stage and of course capex and opex separated.
If we believe they are accelerating towards FID this year then the upstream capex numbers are crucial. RNU currently have ~$130m in the bank.
There is a likely chance (imo) that the mine capex costs will exceed that $130m, so they have basically three options to allow a FID this year:
- binding offtake with investment, or a JV
- gov loan coming through (possibly dependant on a binding offtake)
- another cap raise
- (a surprise 4th option would be US/AUS gov grant)

Another cap raise especially at current levels will not be well received by the market and understandably so. The best outcome would be an offtake with a stake holding, leading to the gov loan approval.
One of these needs to happen this year so it is going to be interesting to see how they cover it in the BAM.

Could we possibly see this cash come in before the BAM, and is that why it has slipped a little from the expected July release? who knows

Would be interested in others thoughts on this.