Ann: Trading Halt-AVQ.AX, page-15

How can Gunvor get their money back? What's the collateral?

AVQ do not own Isabel and SJ does not even have a JORC. Isabel is also mostly indicated and inferred. Production is very much uncertain and long way to go.

Groups do not give money with such uncertainty. Also, any loan would have a fine print a mile long.

Some people think there are groups out there desperate to give money to AVQ and ask nothing in return because, uhm, RM is a nice bloke and all.

Any money raised will be for salaries, travel costs (RM is in a different country every week), and a bit will likely be spent drilling SJ

Btw, a company I know who lost their asset in Fiji in similar circumstances had to wait one year to get it back. things move slow in those places.

Lastly, Nova will earn 5-10 times more than Isabel hence the higher valuation for SIR. Capex is higher because they will produce nickel/copper onsite instead of a DSO.
Many people still do not understand this concept between producing nickel concentrate and shipping the ore.
If AVQ were to produce nickel concentrate the capex would be $2 billion versus $400m odd for Nova. Then you could compare like for like

Hence nickel sulphide superior to nickel laterite