What Caught My Ear on the Shareholder Call -> Equity at serious negotiation level, well past LOI stage.
-> Have been quiet with shareholders lately, apologize. Sensitive and important discussions that do not lend themselves to public disclosure.
-> If I heard it right, HELM is helping guarantee the debt package?
-> Technology has been reviewed by 4 independent technical groups worldwide. Techniques are robust and in wide-scale use. GSP is seen as world class. No issue on this front.
-> At $424/ton (average of the past 20 years), GSP makes $100mm-$110mm EBITDA, historically valued at 8-10x gives an estimated value of $0.8B-$1.1B. This is not even considering today's cost/ton of $700.
-> Second module would cost 80% of first one due to shared infrastructure, with operating synergies that would really enhance EBITDA.
-> Management is significantly invested with their own money.
-> Confident in their goal of completing financing this fall.
-> Look forward to the next call.