NAIF funding is purely political. NAIF will up the loan amount...

NAIF funding is purely political. NAIF will up the loan amount when it suits them on the basis either the project capex went up so project needs more support, or because of downstream processing deserves more support. Technically, NAIF should drop their funding proportionally to reflect HAS trying to shrink into success, given previous funding was isseud on a 'percentage' basis of a larger downstream processing plan.

Doesn't work that way if companies have good relationships with NAIF and politicians. SFX did a similar thing dropping back form ilmenite and zircon processing development, to plans for only one or the other, to finally just shipping two unprocessed cons to China. For all their shrinking to greatness, NAIF rewarded them with a big increase in funding at the end... go figure.

I do know there is a 'use-by' clause in NAIF funding. After a number of years un-used, NAIF has the right to cancel and walk. Answer the question of who will build a hydromet plant pay enough to buy Yangi con at a higher enough price to make HAS profitable (and able to repay debt + interest on Stage 1 Developemnt) and you know if HAS is a buying opportunity. Won;t be any hydromet plant exiting or built that know of imo, needs to be some new player...

Good luck