I do not understand everyones concern that capex maybe higher...

I do not understand everyones concern that capex maybe higher than the PFS . A whisper I have already heard is $850 mil , we can all work that out since the last 2 years or so the cost of steel has nearly doubled and other inflationary measures will have increased the cost , etc . Personally my forecast has been $1 billion for a long time . And certainly a number to remember more easily .
I can only assume the cost of capex is a concern for its dilutionary effect of a capex fund raise will have on EMH's registry ?

To put it into pespective , KC had been claiming all along there would be a 60 / 40 split loan to equity . More recently he updated this figure in any discussions to 70/ 30 as he has furthered negotiations with the 2 big Euro banks , whom one of just recently taken a share of EMH itself . ie the ERBD . Apparently these two banks including EIB dont work on dollar figures , rather they lend by percentage of need of total dollars . Their rules are EIB 50% and ERBD 50% of that roughly . So in a sense what ever the capex will be , we are essentially covered for 70 to 75 percent of lets say $1 bil . So CEZ and EMH will need to find $250 Mil . Given we already have $50 mil from the Just fund I believe we will only need to find $200 mil .
It would not surprise that there will be other free Euro grants and some prepaid offtakes that the JV would only need to find $100 mil ie $50 mil each and a slight chance of less than that . At one dollar Aud we would dilute by 75 million shares and at $10 we would dilute 7.5 million shares , so pick a number , either way total outstanding shares will be somewhere between 230 and 280 odd millions shares for a 60,000 tonne production of hydroxide facility . Not a bad outcome either way . If we accept Joe Lowry's forcast of $100 k a tonne as norm there will be very many happy days in the sun . At out latest updated PFS sell price of $17 k a tonne and even at $10 k a tonne cost Geomet will make $420 mil a year , converted for our share and AUD , would be at worst $1 Aud income per share and a $1.40 at best using above numbers . Tack on a 5 to 10 Price earnings is still a very healthy share price down the track .