"N'ah, sometimes in ASX resources companies the early arrivers...

"N'ah, sometimes in ASX resources companies the early arrivers (astute investors who see the potential) get smashed by risk events and capex dilution"

My seed capital investments give extreme examples both ways.
Seed capital is as risky as it gets. I had one from 15 years ago that still hasn't listed! Small sum invested in that one thankfully.
I also invested in two around two years ago. One has recently raised further capital at a lower price, effectively reducing the valuation of my holding. I have no idea if that one will ever list either.
Based on those two experiences I could be put off. However the other one from two years ago has put itself on the market with Macquarie and the indicative expected valuation is an almost unbelievable 40-48 times what I paid. Thankfully I invested much more in that one because it was lithium in a good location (USA).
The higher the risk the more often you'll be let down but when when you get one right, it can really come good in a big way.
MNB is nowhere near as big a risk as seed capital because it is listed. It also has a high grade JORC resource, it has cash, it has a completed DFS, pre-paid plant components on site and strong government support in a country with no other local supply of something it needs. It also has a second high quality project in the green ammonia with outstanding low electricity prices over 25 years and now a site offered near the hydro plant at just US$300 per year, again confirming the strong government support.
To me MNB looks like a very good risk/reward situation with a potential for better than ten times return. Some might wait for final funding or commissioning to reduce risk further but upside might then be only 3-5 times depending on where the sp is at by then.
So yes, early investors can sometimes get smashed but late comers can also get smashed like the ones that bought lithium stocks with multi billion dollar market caps a year ago because lithium was (and still is) such a good long term story. MNB hasn't run hot like that so sp risk is much lower.
LKE traded well over $2.50 per share but is now just 19c. The mc is still at $277mill and they are quite a few years from funding the project let alone completing it. MNB mc near $100mill with first cash flow in 6 months just doesn't seem nearly as risky to me but still offers very big upside. It still has risk of course but so do all investments and generally speaking, the lower the risk, the lower the potential reward. Each to their own.