Overtures,
IMHO, if a Joint Venture partner will come in and supply the necessary funds, or if there is going to be an offtake agreement in place with a end user whom in turn will supply the necessary funds, there would have to be no BFS.
IMHO, BFS are only done when someone is going to look for Banks and/or Financial Institutions with the view of getting them to finance the whole deal.
Please DYOR.
Buddy
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