Project CAPEX and Working Capital Comparisons, page-62

Thanks for the comments.

The main point of my post was to get across the differences in return on capital invested and why ADN is quite a unique opportunity (i.e. very low capital intensity). I could equally have done the comparison with other high-CAPEX projects.

Many people go straight to the headline figures (NPV and EBITDA) without looking at the hurdles to get to production. IRR is a key way for comparing projects but it is not easily understood, hence the side-by-side comparison.

The margins of HPA can be very attractive but it is not an easy road to get there. That said, the high margins should mean more resilience than downstream Lithium projects

On the equity financing, when FYI get to the point of drawing down on it, make sure you watch their use of it carefully. Make sure you track the drawdowns and the changes it causes to the capital structure (securities issued). Securities will be issued to the funder and these type of firms generally aim to make their money from profit on the short-term trading of the issued securities, not from long term investment ( they can make a higher profit than if they operated a traditional interest finance model ).