Yes but just say you were keen on a custom built little number...

Yes but just say you were keen on a custom built little number that had to be stripped down and rebuilt with all new parts. Would you say to the car firm yes go ahead and order all of those expensive parts and start stripping here’s my deposit of say 20k to get the ball rolling. Oh by the way I haven’t secured the loan yet with the bank but go ahead anyway. I don’t think any rational person would risk the deposit before that risk was mitigated with finance approval. If the loan falls through kiss that 20k goodbye.

That’s why imo using this simple example the idea of SKI having disregarded an equity stake and is a final decision  is premature to say the least. The 3 months from bfs was merely legacy legals that had to be highlighted for the contract to remain binding even though that round of options became irrelevant due to a raft of reasons but had its genesis once the expansion drilling was initiated. And yes I believe the board would have realised SKI would be unable to commit to these options this time  around well before the ann of the non take up post feb 20. Why would they commit early? It’s silly business. It all hinges on bfs2, long FA, debt finance, NAIF 

Anyone who believes a company would risk many tens of millions on a project before the monetary fundamentals were finalised is not thinking correctly imo. SKI know there is still significant risk, once this mitigated they step in, or when the finance is all lined up and all parties bar the Koreans say here you go guys all we need now is your equity stake, it’s game on.