Very healthy dose of realism, particularly identifying the absolute minimum of $500M equity that needs to be raised somehow off a low base, and acknowledging the additional costs involved in managing such a high thorium content, similar radioactivity level to Ranger Uranium mine, not insignificant as most here pretend.
Two things you are missing, but by reducing exposure you can consider them largely from the outside, firstly rapidly rising costs, already this project has an extraordinary capital intensity and it's due a BIG bump upwards, secondly any cost comparison with similar scale outputs, should find a significant new benchmark in six months.
While I cop plenty of emotives for poking my nose into a whole bunch of RE stocks I do have a good handle on big picture comparative economics for the ones I invest in, and that's a fair indication on who will raise capital & who won't.
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