Ann: Letter of Intent received from IberoClays, page-43

It's an interesting question. Letters of intent aren't binding so I don't imagine they hold much weight. I assume potential creditors have access to the full terms of this LOI, proposed figures, and maybe the progress of negotiations in the virtual data room. Any potential lender could opt for staged financing, with subsequent stages contingent on LOIs being formalised as binding agreements.

Not holding my breath on site works. I'm sure we'll know when it happens because they'll be trumpeting it from the heavens, with photo ops of men in suits standing around shovels pretending to dig.