I assume the AU$134m has a 20% contingency in it, but the only...

I assume the AU$134m has a 20% contingency in it, but the only info we've been given is "under US$100m", so it isn't exactly a rigorous number.

But the PFS certainly included that, so I think it is reasonable to assume they are factoring that in.

Just on your split; there won't be any traditional lending involved. Lenders aren't willing to finance these types of projects for anything less than credit card interest rates, and Joe has said they aren't looking at it. But, a prepayment from an offtake partner is effectively an interest-free loan, so that would still classify as lending.

Other than that, it's a plausible scenario you have laid out. My crystal ball remains irritatingly out of order, so I can't confirm if that is what is going to happen, but it is plausible.

Obviously, the lower the share price, the more shares that have to be issued to make it work, which is larger dilution. Also, the larger the prepayment, the less revenue the company has in the first year or two while costs are also higher, so there is a delicate balance there. Go too aggressively on the prepayment and the company may find itself having to issue more shares in the early years to get by anyway. Not a situation you want to be in, especially if costs are higher (they will be at start-up) and aren't coming down as fast as you expected (once again, A40 is a prime example).

So yeah, it's a delicate calculation and that's why I am not even going to pretend to try and know what it will look like. That's up to the board to decide.

LPDOA won't factor into their projections, as they can't rely on 100% exercising, even if the share price is above the exercise price in 12 months when they expire. Any money from options conversion will be a bonus that goes towards P2 and other R&D, I would imagine.

Cheers