“substantial commencement” would of been a step closer but it...

“substantial commencement” would of been a step closer but it wouldn't allow construction or mining there are several approvals that needs to be gained.

In two and half years that VMY (now DYL) achieved substantial commencement approval how many of the several other approvals has DYL gained,.. "None".
With Labor federal and state Gov towing the line hard stance on renewables, IMO DYL is waiting to see if there any chance in state and federal Gov and a lifting of the Uranium ban for its Mulga Rock Uranium Project.

After two and half years and with hindsight, again in "IMO" DYL strategy in its T/O of VMY was to lift its MC by $300m when it did the T/O of VMY of a way to raise fund required for Tumas project of A$600mplus. besides the fact Mulga Rock is also a good longer team project for DYL.

TOE management could push the project forward but remember that takes funds and likely more CR and dilution, Do management preserve cash and/or wait 6 months to see if there a change in federal and state GOV and a lifting of the Uranium ban..???

I posted this a number of times,... It was announced by VMY just after achieving substantial commencement back in Dec 2021.

Vimy can now advance Mulga Rock to the next stage of development and will continue to work closely with
State and Federal departments to secure the ""remaining approvals required"" to bring the project into
production by 2025 – when uranium market commentators are forecasting the commencement of a
prolonged supply deficit.