WR1 General Discussion, page-32768

It is only 15m on closing, the others are anniversary payments noted above.
We could be taken over, before then. And the predator would take up the remaining obligation.

Also, it doesnt take 50m a year to operate WR1 in a standstill mode.
I dont know where you invented that fantasy. All the heavy lifting has already been done, MRE is in place.
They can idle down the exploration expenses, and allow either the lithium 3.0 tide to rise, or a takeover to occur.
They can spend minimally, on things like sample mineral processing recoveries etc. While they would need to spend on C&M renard.

Whenever they pull the trigger to spend the eg. 250m on capex, then they are on the road with a higher priced tide.

Your calculation of 500m+ is delusional.