Running discussion on SP, page-56

I doubt it. I think it is just lack of updates from Leilac as they were due Dec23/Jan24 and I'm frankly getting frustrated.

From annual report of FY23 they had 74m left
1HFY23 they had 88m
So it looks like they burned 14m for the 6 months.

If we extrapolate, then 74/14 is 5 halves of cash left or 2.5 years of cash before they need to raise (so sometime in late 2025, early 2026)
Note I've included govt grants (6m) plus money tipped from the directors (2m).

I couldn't be bothered valuing Leilac cashflows right now and I think given the lack of updates, the market is now giving Leilac a heavy discount although that will come online sometime in March 2025 (fingers crossed no more delays!).
Will leave Leilac valuation to someone who knows the project better. That includes the others as well such as Zesty, the PLS JV, Al, Heirloom etc