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Croc new target is simply to get a better deal I would have thought right now but it seems there are options that are favourable.

Startup target of 40,000 TPA may change IF offtakes are locked in and can cover all to be produced including the increase, otherwise I am expecting it will stay unchanged. Don’t want to rock the boat unnecessarily but  3 groups are apparently asking for 100% should not be a problem to lock in every last kg being 40kt or moreWe already think the plant may be capable of more than 40ktpa but do not know if there would be additional cost getting that additional capacity. If funding and offtakes are there then anything is possible.

For the funding we have an insight from the Ann. Quasi debt and equity at project level. Quasi debit suggests a flexible repayment arrangement, something like offtake funding or royalty deal of some kind. Quasi debit often refers to subordinate debit, possible indication there is one group offering a larger portion of the funds and then smaller subordinate funding to fill the gap. Just depends on how they are using the term. Equity at the project level I think may be reference to our plant supplier who has already expressed interest in offering more, maybe more deferred payment debit. Having several parties involved complicates things but it may be the better way if they are requesting fewer shares or even better royalties without shares.