"Bank finance for a spec miner" not sure why you would call it a...

"Bank finance for a spec miner"

not sure why you would call it a spec miner at this stage
mining licence granted
100% of yr1 production contracted
82% of yr2+3 production contracted
grade control drilling complete or near completion
project payback <2yrs
and rising graphite prices
Hartleys presumed $35m equity and $35m debt finance

Pre-prodn capex from the VES is $42.3m
They had nearly A$18.78m at 30th January with tranche 2 of the raising completed
and expected to have $9.7m at 31mar

with resource upgrade drilling complete or underway
and a Japan MoU for offtake still in play
plus module 2 offtakes pending

We'll see