The big question.....financing, page-10

I see the confirmation of a standard Iron/Titanium product as an important part of the eventual financing. Considering they could provide a near $0 cash cost vanadium production scenario for TMT, I'd say that the importance of organising an offtake for the pig iron/titanium credits is vital for the overall funding scenario. Maybe the WAIF will chip in a gas pipeline for **, maybe Atlantic might do a toll treatment deal. Many variables at this stage.