PFS

I expect KDR to announce an initial reserve of 100mt @ 1.4 % Li when the complete the PFS.

Kidman's share of that will be 50mt @ 1.4% Li.

Compare that to Altura who have a reserve of 30mt @ 1% Li and a market cap of $230m and now have US$110m debt at 15% and had to give the financiers 72m share and 72m options.

The financiers also get a fee and security over the assets receivables and bank accounts.

The benefit of not having to do that is huge. Basically, Altura cannot do anything without getting the OK from the lenders.