Ann: Investor Presentation - Brisbane Minerals Metals Conference, page-99

I think JM is a salesman, and that might well be his strength and weakness. Some bluff is required to make it in business. But if he relying too much on the sales pitch, then its only setting up unreasonable expectations. I think he uses the word "exciting" like others would use "um". So I ignore all that. The DFS will reveal whether the bluff went too far.

Regarding finance, my assumption is they have enough data to share with banks, and are engaged in preliminary discussions. Another company I hold applied for a loan from EXIM (Export Import Bank of the US) a month after completing their BFS. Four months before completing their BFS, they did a CR to underwrite the EXIM loan app costs. So clearly they were engaged with the bank before completing their BFS.

JM could discuss terms assuming a given capex, NPV and IRR. But until the business case is properly documented, I can't imagine a bank signing off on it. That doesn't mean they can't be talking. What that talk actually means is unknown at this point. But whatever it is, I can't imagine he is lying about meeting banks. He has too much credibility to lose for no gain and the risk of prison time. It'd just be too irrational to lie, especially given those lies would unravel very soon.