Buying will start to flow in now that a ML has been granted.Next...

Buying will start to flow in now that a ML has been granted.

Next de-risking events are the definitive engineering study, followed by funding. If funding for Base and Gunson is anything to go by, should WTR be able to negotiate offtake funding with DuPont for a portion (~10%) of sales for well north of $75m (or half the funding likely required) (I'd like to see $100m+ non-equity funding), there will only be a limited amount of equity for the taking.

Ranobe will be a long-life and scalable mine, producing +400ktpa ilmenite initially and scalable to +1Mtpa ilmenite and >100ktpa rutile/zircon (double or triple initial planned rates), which will be Stages 2/3. If Stage 1 carries an IRR (after tax) of +50%, you wonder how much value there would be in the expansion (IRR>100%?), utilising much of Stage 1 infrastructure.