No. HAS got the cheap guvvie loans, $100M sunk capex to date,...

No. HAS got the cheap guvvie loans, $100M sunk capex to date, fifth DFS iteration hot off the press and all sorts of wonderful off-take agreements subject to getting off the ground. Unless DRE or anyone else in that part of the world finds something demonstrably better, HAS must hold tight and hope the RE price fairy kisses them on the ass so the equity, finance, mon-con toll partner all comes together. Let the others suffer with you and hope HAS gets the nod, then do M&A from a position of strength later on. HAS script is worthless right now.

The other players are wedged behind the HAS first mover advantage blocking the way to any finance or investment of competing projects imo. If HAS can't get uneconomic Yangi up and running with all the guvvie help, how could the others without guvvie help? Options include hoping ILU or some other big fish takes them out, but would would anyone TO a project that's uneconomic, unless for peanuts on the chance RE prices go for a long run, but then the juniors wouldn;t sell for peanuts imo. Option 2, pretend to sell a mon-con to China (even if it's uneconomic) and hope it flushes out even more guvvie handouts to 'save our critical minerals' and get funded entirely by the tax payer. After all , that's the way ILU got the guv to stump up $1.2B risk-free loan for the Eneabba RE plant...

Difference being ILU's Eneabba stockpile was clearly very economic so the guvvie loan actually made sense and was relatively low risk. Funding Yangi today looks a bit like funding an Australian built submarine... never going to get your money back even if it doesn;t sink.