As released on listing with the ASX, A11 had A$23.9m at June 2022. As noted in the ASX listing prospectus, there was conversion of options as part of this listing that will provide a further A$4.5m of cash. Over half the additional cash needed by A11 is already held.
Atlantic has yet to provide an off-take agreement for half of the proposed Spod. They are therefore in the market to sell 128kt of Spod per year. If prices remain even close to their current level this Spod will sell for over US$500m/yr. All A11 needs to do is have a 1 month in advance on signing contract term and they have gained the rest of the cash for the project and covered working capital needs. Given the current tight spod market you are not going to lose serious Spod buyers by requesting 1 month's estimated payment in advance to secure the Spod supply.
They could of course gain the cash other ways but a public capital raise is not the connect the dots certainty you suggest.
From the prospectus
A11 Price at posting:
65.0¢ Sentiment: Buy Disclosure: Held
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