Will KNL go to 48 cents or more?, page-42

yes, assuming finance secured from Kfw/Nedbank and project essentially de-risked, the remaining equity portion should be at substantially higher sp.

My guess would be north of 50c but difficult to project without knowing amount of debt taken on. Finance updates use the phrase "up to" $40Mill USD for KfW and "up to" $30Mill USD for Nedbank.
Assuming max debt would leave $7Mill USD equity raise and minimal dilution for current s/holders.

Although a 70/30 debt/equity split has also been mentioned it remains to be seen how this pans out. Mine construction could involve strategic partnerships that offset some funding requirements or different mechanisms employed rather than immediate equity stake.

cheers