reserves, page-42

If the cost of debt is cheaper than the cost of equity, why does having no debt make more sense?

Perhaps a better understanding of the utility of debt vs equity would go a long way to understanding how debt can benefit a company.

Plus, what about the 100m loan facility CDU has been unable to finalise? What does that say about how your own company views debt?

Further, it's not just about 'revenue flowing'. The market is forward looking - how will it assess earning potential in future years without a DFS? Don't be surprised if revenue does not equate to the share price re-rating you are hoping for.