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FFC - noted. Thank you.
Foxhound ,with a bit of luck I'm hoping that re the debt aspect funding there might a good bit of DD may already been done given that CF said they were re-engaging with potential investors they had lined up from the previous attempt at bonds ??/
And re the strategic investors lets hope it is someone like DMC or Strabag because a good few Ts and Is will already be done with them also ????
It was clear from reading the update last week and from listening to CF that more than one potential phase one funder is currently carrying out DD.
Any new party to the table will be carrying out technical, legal and financial DD which I believe (having been involved in the DD aspects of major resource/infrastructure projects many times during my career) should take 2/3 months, by the time you engage independent advisors, technical experts, get them briefed, let them engage, review material already in an online data room, do site visits, raise their own detailed questions, get responses, ask further clarification questions, prepare their reports etc. As they do that and feed their findings through that 2/3 month period to their instructing funders, the latter will be building their own model and beginning to sketch out what a term sheet might look like. It will need to be robust to take to the funder credit committees which will scrutinise at length the findings of the DD and a fully worked up term sheet/facility agreement. So - lots of work currently being done by any new parties to the table.
However, and in my view what could truncate the time period we will see before what could be a business transformative RNS, is that if the funder or funders come from one or a combination of the sovereign wealth funds, other major IIs or Sirius’ major contractors, we will see an accelerated process and the focus of their respective advisors will be on financial DD - checking the current cash burn rate, getting comfortable with cash flow projections to end Q1 and getting satisfied that Phase 2 funding can be done without difficulty. There will be some legal DD and some technical DD but nothing like what would be done by new funders. If that were to be the case we will hear from Sirius much sooner than end Q1 - either mid-Dec or mid-Jan is not unreasonable.