"convert as much into Indicated at best bang for buck to feed...

"convert as much into Indicated at best bang for buck to feed into the PFS/DFS and an improved NPV".

In principle that's a good idea. But when you overlay the dilution caused to shareholders by the money being burn't because there is no cash inflow, then it seems smarter, from a shareholder's perspective, to get a deal done as early as possible, even at a discount, to get construction underway. Could the various JV concessions be used as colateral? Producing an improved NPV might better be saved to justify a future tranche of financing. I recognise this is all easier said than done and easy to say with hindsight.

These delays are making me worry that the estimated NPV is just not reliable enough to get financing. The difficulty AAU has getting funding for the mine(s) is turning me into a pessimist.

I am also wondeing why AAU hasn't been able to secure a loan from a bank or via venture capital, though I think I know the answer.