These projects require significant equity transactions to get...

These projects require significant equity transactions to get going. You need your offtake available to incentivise a large equity transaction ie $400 - $600m USD to a partner. Than the rest in debt. You can’t build these projects with 100% debt.

case in point look at AUZ. They gave 100% offtake to LGES without any equity contribution upfront. Their market cap is now $15m. There’s now no incentive for a player to come in and provide the huge equity component to get the project going as all the offtake is gone.

giving away 40% offtake for a tiny $15m worth of shares is a pittance. Banks will laugh when it’s time to organise financing. With the renaming 60% offtake who’s going to come in and put up $400-$600m USD upfront when the other partner got their 40% for $15m.

The Capex for these projects across Australia are all ranging from $1.5 - $2B+

of course the SP will spike Monday to mid - high teens. But then watch it trickle bank under 10c over the coming weeks / months as reality dawns that there’s little incentive left for someone to provide the massive equity component to get this thing going.

In summary, you don’t give away your offtake upfront for free (or a pittance).

maybe there’s a plan b. Maybe I’m wrong. my opinion. Would love to see this project get built but hope they haven’t backed themselves into a corner like AUZ.