Never have any cash, page-73

Kervio- please read whats being written here. theres many ways to fund a plant with a small market cap now. hers a few som of which HVY have alrady confirmed.

1. Altradius the huge dutch government export credit agency has already written them a letter as has been announced saying that if Royal IHC the dutch comny doing the plant get the contract Altraduis will pay for it up front and get the money back from their production.
it they lend them 75 mill against the plant as security and if HVYt make A$40 mill a yar they can pay them back with interest from that over 5 years.
why?
1. because its promoting Dutch business and exports which is that govt backed company altraduis's job see.
2. altradius make their money on the interest like a bank- its not charity - as that's what they do see.- and Australia is a good jurisdiction and Garnet is undersupplied. So its safer than doing it in Africa or latin America for some other commodity in over supply etc.
3. so to get the actual plant built HVY does not need to dilute its shareholders at all..

PS there is also Briitsh group that is bidding to build their plant for them who also have an independent export credit fund behind them to fund it.
So HVY already they have more than one option.

Then HVY will still need to get around A$15-20 mill to set up the plant- (and maybe the PFS will reduce the costs - as more effort and research can often bring costs down- they don't just go up. IMO they can get this non plant set-up funding from:
1. Royalty funds who fund such start ups with loans for payments from production later as long as PFS is good. and their billions of USD in such funds looking for such deals they are already in discussions- it means no dilution
2. As garnet is in short supply big trading firms or buyers will pay a portion of their orders up front to secure future supply - they do this is they a get a guaranteed supply and maybe a discounted price later for a while to compensate them.it means no dilution.-these discussions are underway
3 There are local govt grants and WA grants available for the infrastructure parts of the set up building roads water supplies power etc as that's what govts do and increases business jobs and commerce in the area- and they get tax from the project later.
4. ther are banks that lend part of the money if needs be.
4. lastly If that can't cover it from all the above -which involves no dilution then yes....- HVY can do a CR for the balance needed laterand issue shares - but by that stage the Market cap of HVY as its closer to production- should be much higher - RDG for example,was at a A$200 mill market cap when it started production. Id HVY is at say just A$100 mill mc by then with 70 million shares out it will be at about $1.30- if there A$10 mill more needed then they can raise it by just selling 7 million shares then if they need the money - that's reduced dilution (as opposed to having to sell 50 mill shares now. see?
as for money to get there _
1. they have A$ 2 million still due from their last royalty deal
2. they have A$ 2 mill more available through an ATM cap raise facility
3. and if needs be they can do another CR but that gets less dilutative if they wait because post PFS as the project is proven better and gets nearer the share price will rise more and any cr will mean less dilution.
4.or they can take a private loan from some of their ricj shareholders at say 15% for 3 years

a lot of these options are already underway and announced

and there are other ways to do it too - but i won't waste more time writing them here. the above is enough.
id suggest its best you go learn a bit more about project financing before you pontificate both so definitively (and a bit naively) on what can and cant be done re financing here..

I hope this helps you understand this deal better.