JRV Cobalt, page-14

Clearly, scenario 1 (USG funding + commercial debt) is their main focus.

From the Crux Investor interview between Matty, Bryce and James May - 13 May 2021 (37:30 mins to 38:57 mins).

Matty: "You are in discussions with the USG about debt financing on the ICO, but you don’t need them?"

Bryce: "I never say I don’t need a government. We have options available, but clearly any initiative the USG can provide - can provide structural support to what he (James) is talking about on the private side."

James: "A government solution is optimal because the low cost loan guarantee solution would be optimal from a balance sheet perspective and cost of finance perspective. It really is a question of timing".

Matty: "It’s optimal, cheaper, but not essential, but doesn’t stop you?"

James: "I think that is a good summary."

Clearly waiting on USG decision, but will proceed without them to meet commercial timelines.

You may be fine with it, however, I would prefer not to see them raise something like $50m via equity. At 50c, that would be an additional 100m shares, so 12.5% dilution. A small equity component would be more palatable as part of a larger commercial debt package (if USG funding isn't forthcoming - but let's just wait a few more weeks).