Mine Financing, page-9

adros. If AJM are successful in debt only financing by way of loans or notes then there is no real reason to stall. Even if rates are higher it would have little effect.

My main point is that I believe the funds will hold out for some form of equity in the mix.
If that happens then stalling would be my preference.

One of the lessons I have learned from discussions across the lithium sector in China is that bargaining power directly relates to where you are in the process. Those that raise too early pay a price. Everything relates to time to mine.

I imagine presenting AJM with license in hand and photos of construction happening on the ground and doing the same thing right now. Chalk and cheese.

The last $40M was the right move. We now have a little breathing space. Keep in mind that if the license arrives in January not too much will happen until Feb anyway. Besides, by all means start the discussions and have the players in place.