TLG - Media, page-13584

I think we'll see a raise of around $30m before the end of the year for working capital.
I wouldn't be surprised to see some more news on Tal-Si before then, and some of that raise also being earmarked for "acceleration of Tal-Si plans" or similar.

The delays in getting approvals coupled with terrible graphite market have slowed everything down, and the operating environment is now harder.
Despite MT saying for a while that a delay to the mine is non-critical because of construction time being shorter relative to the anode plant, plus stockpiles etc, it really has killed momentum.

This is where is see things at the moment:
-Equity funding (~40%) reliant on debt package being resolved
-Debt funding package (~60%) reliant on EIB as cornerstone
-EIB funding is for the whole project and can't be separated just for the anode plant, and is reliant on mine approvals
-All of the above probably reliant on offtakes, which is reliant on either China graphite price turnaround or a bifurcation of graphite/AAM prices.
-Offtakes can't be agreed to because EU customers are using China graphite price as leverage and won't pay Talga DFS numbers. BHP confirming last week that customers are not yet willing to pay a green premium. MT comments recently show EU support isn't anyway close. Synthetic winning the battle at the moment (well China synthetic at least, soz Novonix holders)


It's a bit of a mess really. So I see the raise soon to keep things going until macro improves and all appeals are dismissed. And at some point in the future details of the equity raise needed to fund what now must be A$800-900m+ in capex.

The wildcard is Tal-Si. Hoping that there is some serious substance to the talk and breadcrumbs but until we see something official it's all just hope.