I don't believe 40MW is economically viable for the capex and...

I don't believe 40MW is economically viable for the capex and opex required for UCG power generation. Capex could be as high as $200 million for the power station and the UCG plant. Does the JV with Metallica cover this cost? What are the details of the JV? They may be able to get a bank to loan for half the amount, but what about the other $100 million? Assuming CXY is to fund 70% of the Capex for 70% return, CXY would have to issue another 1 billion shares at 7 cents a share to raise the $70 million.

That is assuming the sp stays around the 7 cent mark in the next 4-5 years that it will take to complete the drilling, trial burn, design and commence construction of the power station and UCG plant.

They would then have a $100 million debt to repay as well as cover the opex.