Something has to give soon. PLS are burning cash, how are they...

Something has to give soon.

PLS are burning cash, how are they meant to fund stage 2 or proceed to pay their share of the downstream proposal without massive dilution?

AJM debt level is nearly equivalent to its market cap and it now seems highly unlikely that they won't need another CR shortly given an interest payment is due this quarter.... even though they've already raised and burned through obscene amounts of cash in the last 12 months.

GXY slowly burning their cash pile. MIN delayed plant (and no point overspending now to rush the completion with the current spod market...) MIN at least have a clear path to downstream integration and appear funded for this.

All 4 of the above have probably been on the phone with Jiangte to sort out a JV on their carbonate line now that Burwill is in a hole. May make it slightly more difficult for Alita to close a deal but at the end of the day, Jiangte have a large holding in Alita, they have already used their spod to ramp up the plant so it would be a risk suddenly bringing in a new spod supply with more fines, higher impurities, etc.

Unfortunately it appears that the Korean/Japanese options for A40 are still a year or two away from becoming large off-takes. If they can announce a small offtake with a big name Japanese/Korean for now then it will certainly calm some nerves.

I believe without a JV with Jiangte on the carbonate line (on similar terms to the JV hydroxide proposal), C&M is on the cards, allowing Alita to sell whatever inventory is left to pay off the debt with some cash left over to sustain for a few months.

There's no room for the middleman anymore, the new miners need to integrate with downstream. Let's hope Alita is first to do so.

Some questions still remain on the holding side of the equation for Alita also. What will the Chinese fund do with the 85M odd shares they pulled from Burwill? What will Tribeca do with their 90M odd shares if they are pushed out on the finance side?