Basically cuts the unrisked valuation in half, maybe more depending on placement discount. Goes from a 4-5 bag to 2-3.
Question is, is how do you value the risk? Fully financed, mine approved, 3yrs of production largely contracted. Execution and graphite price remain.
Financing was the big risk in this but disappointed to give up 2-3x return to remove the risk.
Ann: Agrees terms of US$30m debt & equity funding with RCF, page-42
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