Ann: Entitlement Issue Prospectus, page-41

You've missed my subtle point.

They can't go into cost lockdown. They must raise the money and begin spending it on Muchea for precisely the scenario you outline.
If VDT and ASN get scuttled, they can't THEN raise money and begin their pivot to Muchea.

The game theory here says the only move is to go all in on Muchea, writing off the ASN outcome.

If ASN gets greenlit, money should come easy. Away we go. Jewel is the crown is Muchea already following.
if ASN gets blocked, the company needs to have already pivoted to show progress elsewhere, e.g Muchea. While it may be painful that this "resets" the clock, at least the timer on the reset starts now and not in however many months it takes from now to learn that ASN is blocked.

I don't see another way to play this.