Thanks all. I just remembered something else I will add in...

Thanks all. I just remembered something else I will add in relation to this point:

'Talga has publicly stated they are looking at financing with approx 60% debt; and therefore 40% (or ~$200M) will be non-debt funding.
Mark stated that 'over his dead body' would this non-debt component be funded entirely with equity, and that TLG will be exploring opportunities for funding from State, EU or strategic private partners to minimize dilution, including the possibility of receiving upfront payment from major customers for construction costs.'

According to Mark the reason why recent broker research reports have a target price of ~$2.50 is because conservatively, they have to assume that this 40% non-debt component will come entirely from equity and therefore a significantly higher level of dilution is incorporated into that target price than Mark will allow.