Project CAPEX and Working Capital Comparisons, page-67

Don't forget that FYI have a payback period of 3.6 years so it will be a long time before they paying back debt.

The greater the $$$ spent, the greater the technical risk, the more that can go wrong, the more likely they will need to go back to shareholders (or dip into the dilutive working capital facility) to pay to resolve any problems.

As an example since AJM completed their Feasibility Study (2016), they have gone from 956M shares on issue to 2.99B shares on issue (around 200% dilution).

On most high capex projects you should assume at least 40% to 50% dilution during financing / construction / commissioning. The AJM example above is an extreme example of what can happen when high capex projects have problems in startup ( for AJM a combination of commissioning problems, the Lithium Price collapse and from memory Offtakers having their own financial problems ).