WR1 General Discussion, page-26893

Look at what FL did with their recent raise -- formed a JV with Mitsubishi, placing them at a big premium. They're talking about Mitsu funding further to max 25% equity, and helping the JV via debt financing. PAK is a vastly inferior project to Adina, and in the middle of f-ing nowhere.

When WR1 needs to raise in 12 months they will have:

• two further MRE upgrades, I expect 80mt then 110mt approx
• more met testwork presumably confirming results to date which suggest 70%+ DMS-only recovery
• a PFS which will presumably emphasize good economics of first 7-10 years of mining shallow high-grade spod
• probably further decent hits and growing secondary deposits with their own MREs
• likely a better spod pricing environment than today

So I think in H2 2024 they'll be bringing a strategic on board, and imo will be able to get some of the following:

• a premium on SP for placement
• floor price offtake contract
• debt-financing commitment
• possible equity stake in downstream conversion plant

And maybe they do some more FTF too if it's available at a good premium.