FFX NPV Calculation - Morila Alone, page-72

He probably got the invoice from the investment bank for their potential fees and thought F that, it's 25% of the potential MC for the lithium company (unless they get an offtake prior).

I'm happy for him to take his time and find the right deal whether that's with the bankers, or offtakers.
If he thinks there is a potential offtake to be signed first - it will dramatically reset the bar for when those bankers bonus shares kick in. The MC for FFX would have to immediately re-rate to reflect the value shown in other lithium developers.

Personally I take the delay as good news. Either the Dr is driving a hard bargain with the bankers to extract max value for us, or there is something even bigger in the works.