Ann: Battery Conference Presentation - March 2019, page-76

FT not following up with their agreement for the $35m debt funding really hammered all VEC shareholders confidence over there I reckon. Not great that they had to resort to other less attractive debt-linked convertibles for the time being. More certainty needed in their debt funding arrangement.

With Debt funding you'll always run a big risk of the funder pulling out. BAT is one example with their graphite mine development. Share price was smashed when funding from RCF fell through. And now VEC too probably.

Comparatively, WFE has a more advanced project with a proven brownfield plant with proven brownfield supply from nearby brownfield mines with no significant Capex. Big difference.