Ann: Investor Presentation, page-16

The story in The West says SO4 said Lake Way was now significantly de-risked.
How many of the risks could have been de-risked before they started construction, without at least $90M being raised?
The way they drip feed the technical issues suggests to me it is far from being completely de-risked.
This is a bad look for a new sector.
Hopefully future investors in other projects are able to identify the unique approach taken by SO4 as a significant cause of their problems.