Very, very expensive?
On the other hand, that's US$53m in cash, plus another US$65m once the options are exercised. Don't have the CAPEX figures on hand but that must be close to all four stages funded.
Highly dilutive and yet removes all funding risk for next few years. Execution and graphite price risk remain.
Very, very expensive? On the other hand, that's US$53m in cash,...
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