High-Grade Advantage Meets Bullish Copper Market: Why KGL Stands Out, page-7

You may be right but ,37 per cent is not 51 per cent.
If Jeff Gerard is successful in placing the shortfall it send a very strong message to the market.
This is a very attractive project for any investment group wanting to have direct equity and Gerard said that
all options are open and will be looked at.
Rather than sell equity which would be income and taxable,they might look to allow someone to acquire project
equity in return for putting in the equity required to support the debt.
I suspect there will be three levels of funding:
1.Project debt;
2.Working capital debt;
3.Government infrastructure funding;
It looks like the project capex is about $350 million so working on a debt equity ratio of 75/25 they need to raise $85 million of equity.
Gerard again confirmed in the webinar that the project was going to throw off " $US150 million a year"" or more than $200 million.
So I suspect they could ask $85 million or more for a 25 per cent interest in the project which would entitle the buyer to
$50 million year of cash flow.
The big upsides from this is the copper price and the almost certain doubling in the life of the mine to 20 years.
Any deal like this would see the KGL share price jump to around 50 cps.