Ann: Windarra Gold Tailings Heads of Agreement, page-43

Its yet another conditional MOU with no real chance of success.
They clearly couldnt sell it for anything fair above $20M or build it themselves so why bother so just keep it like LJ & W. A waste of time.

PH really has perfected the art of the anti-climax.

PBT is yet another MOU but this time with $120M FED funding support so its serious.

PBT needs to have a JV & tolling deal with POS BEFORE they get any FED funds.
The FEDs will not give a german shelf company any money without a deal with POS for their concentrate and an agreed tolling rate to the refinery & for the final product pCAM royalty.
If PBT refuse or play hard ball as it looks, POS can advise the FEDs and seek the grant for themselves and insert another partner for the refinery instead of PBT.

Without POS there is no PBT refinery as it has no Ni ore at all from anywhere nor any offtake.
POS should boot them out & sign with Trafigura for $45M and take the FED funds themselves if they dont cough up the $45M offtake dough & 50% royalty deal soon imho.

Either way, looks like PCF/Argo is providing the debt and Paganin doing the legals.

Unless this is all yet another PH crap anti-climax.