At the stated opex of $48/t, it really comes down to the...

At the stated opex of $48/t, it really comes down to the sensitivities of your model. LT price assumptions need to be a fair bit lower than current spot and imo closer to $60/t. Add in initial capex drag and doesn't leave huge meat on the bone. But not everyone has the same bearish view on io price and could be valuable to offtakers for various reasons. Even a $10m special div would be worth 3.8cps, based on current structure. Guessing strategy at this point is to keep negotiations open, hope that further io price gains foster a more favourable deal. It seems clear they won't be trying to fund Paker Range themselves and with the cobalt market struggling, you'd assume they'd be reviewing new projects. Be interested to know who came into the raise and what (if any) networks they bring. Happy to hold at this level.