Everything comes down to getting our capex funded. If we fail at...

Everything comes down to getting our capex funded. If we fail at this, our SP will be destroyed. of course the permits are also critical, however I think they are relatively likely to be granted given the governments support for Colina.

So IMO it mostly comes down to whether we can raise the ~$253m capex for phase 1.

CG has previously said we are aiming for $100m cash prepayment from an OEM. This leaves $153m which might be split $100m debt finance and $53m equity raise. If they add some working capital in, it might mean ~400m new shares, obviously dependent on the raise price.

Something worth noting, our mgt said some of our final offtake bidders need to review a DFS. But we also know ATLX obtained offtakes from Mitsui and 2x Chinese partners despite not yet having a DFS. What this potentially says to me is that at least one of the final bidders is a tier 1 OEM (possibly BYD) and/or these bidders have included debt financing as part of their offers (which is why they need a DFS before they’ll grant the facility). BYD’s share price has been one of the few bright spots for the sector and we know they are focussed heavily on the Brazil EV market.