Countdown MDA, page-493

The execution of the MDA will go some way to ensuring certainty that the project will proceed. However, there will be further documentation requiring Malawian Government execution eg share allocation agreement and community development agreement. Presumably these can be executed without delaying agreements relating to financing, product sales, refinery operations and construction agreements.
Grant and his team are doing a great job in derisking the project (eg in relation to power requirements, refining arrangements and staged process to ensure the Malawian Government is performing as expected).
However, a downside of this is that the significant cashflow will be delayed and this adversely affects the value of the project at this time as distinct from, for example, when the second stage is completed.
In addition, the number of shares on issue has increased somewhat. This is partly ameliorated by the increased value of the products to be produced and the significant advances made in the uses of niobium.
In other words, patience wil be required to be able to properly cash in on the potential value of our shares though this period will pale into insignificance compared with what long suffering shareholders have had to date.
Good luck to all