Well that is tough without a fs. But for giggles let’s split the difference and say the number needed is $1.4 billion. With EXIM debt of $800,000,00 that leaves $600,000,00 of equity. At $3 US per share that adds 200,000,000 shares. That takes the issued and outstanding to about 240,000,000 shares issued and outstanding when you include the ECRC shares. Of course that would involve a change of control and all the complexities that would involve. Plus further dillution with warrants and options…Hard to say without a current and credible FS but I’d guess $3 to $5 us.
Or, you could go buy the Platina high grade low cost scandium project for $14mm …. Oh wait, Rio Tinto did that already.
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