September 2018 - State of PSD, page-17

A more likely scenario would be what the management team have said was the finance plan all along: SFG will retain 70% of PSD, selling about 30% of PSD to an off-take partner. Given that the NSK deal has only yielded 15% of the company (that is SFG, not PSD) being sold with a commensurate off-take proportion it strikes me that there is more road to run there.

The other likely option would be a convertible bond offer: under that scenario we’d see an awful lot of shorting around the time the bonds became due, but it would be a fairly common way to raise capital for this type of project.