POSCO Deliverable Overdue?, page-29

That's one possible interpretation TJ, although MOU was announced 27th Oct 2015.
Jaberwock reported in recent article:

"...Magnis' expectations received a setback last year when promised financing from a Chinese off-take partner failed to materialize. To get the project back on track, Magnis approached Korean steel and industrial conglomerate POSCO.
However, POSCO required additional exploration drilling and further engineering work to bring the feasibility study up to bankable standards"

POSCO initiated the BFS presumably to confirm est. capex was in ballpark in order to accurately pursue financing. Assuming jaberwock's recent comments were informed by significant $100Mill USD additional capex requirements detailed in Mar 2016 BFS and could imply POSCO scaling back.

It seems pertinent to ask whether point 3 of MOU "to the satisfaction of the lenders" was fulfilled by BFS revised capex figures.

cheers