GM, LG and POSCO should be providing debt facilities to cover the CAPEX for Phase 1 and 2, page-36

To suggest that the GM deal was a mistake on QPM's part is to ignore the commercial merits of the transaction. All future production is now fully contracted to three Tier 1 blue chip customers, paving the way for QPM to secure an attractive debt financing package. GM also provided an immediate equity injection and has committed to act as a cornerstone investor in a further equity raising at time of FID - both in material amounts. I do not think that GM, LG and POSCO now have QPM by the balls having secured all of the offtake. On the contrary, I think that they will do more to assist the funding of the project in order to reap the benefits of the offtake agreements, driven by their undeniable need for QPM's product. All IMO and GLTA.