Relevant Media, page-2316

The chance of them needing to borrow 2 billion is next to zero.

They intend or at least have in the past to sell 20% of the DZP.

So even if the cost went up they would get the money from the sale and then that would pay for part of the cost.

Then they would only have to pay 80% of the remainder because the partner would have to pay their 20%.

If we go on ASM'S figures:
1600 million AUD approx. to build the plant and mine.

If they sell 20% for 360 million AUD which was the previous offer that leaves 1240 million AUD.

That leaves 80% of 1240 million AUD that ASM have to pay which is 992 million AUD.

The Australian Govt through EFA have already given a letter of intent for 200 million AUD.

That leaves 792 million AUD.

All they need is an offtake agreement or 2 and hopefully the share price will do the same as ARU's share price did when they received their offtake agreements.

Forward payment or finance with the offtake agreements, Government grants from overseas and maybe more from Australia would make that figure shrink quickly. Equity raisings hopefully would do the remainder.

There could be tweaks like getting 2 partners and for them to sell 30% of the DZP. That would cut the need for loans even further.

Any critiques or corrections would be welcome as I am only going off memory to try to explain options they have.