WORLD'S BEST UNDEVELOPED IO PROJECT, page-528

I think that it is unlikely that CAP will get really enthusiastic response from steel mills before the mills can receive, and test in their own facilities, bulk samples of the proposed product. Hence the real advantage of the capital raise and the early start on the feasibility which will include a pilot plant. Once the mills can see that the proposed process works at pilot scale, and can test the trial product, they are likely to be more ready to commit to agreements including a finance package. This is the real beauty of the recent capital raise.