IBG SP / VALUATION THOUGHTS, page-273

Everything hinges on whether EXIM provides a loan so I'm wondering. Right now, we know IBG has a big zinc mine, zinc that the US wants. The US government is willing to fund new mining projects in Greenland hence the LOI from EXIM, Greenland government is backing this project, and with the US-China rivalry fighting over zinc, IBG is in a more stable position of being able to move forward from the financing stage. IBG has enlisted the services of Bacchus Capital, and it's also more reassuring when IBG has appointed A. Downer and P. Cahill as directors.

But even after all these factors, what are the chances of EXIM not going through with providing a loan to IBG? They could quite easily reject the application for whatever reason and IBG will either have a much harder time securing loans to fund the project or give up, causing the SP to plummet.