Vanadis IPO, page-239

Good points, Zubana but there are ways to incentivise funding as a junior - that's how most of them get screwed over though

"Sure we'll help you build your DFS but we'll lowball you on your offtake agreements". Not suggesting this would have happened with Areva and Aura's joint partnership, but for every Aura tit, an early investor will take two tats.

Our thinking is aligned though. I think we keep pursuing the spinoff. If we have what we suspect we have in Haggan, then deals will be struck. 

If we can keep tiris as a low cap mine, I wouldn't be opposed to some level of debt/offtake obligation should U manage to keep above $35 (we must be getting close to that price). Speaking of low cap Tiris I had a chuckle form a recent Aura report where they needed more U samples so got the back-hoe out. It still amazes me that they can do surface digging in the desert!