If Minbos says they're pursuing non-equity funding, I'm inclined to believe there's a reasonable prospect of this coming to fruition (but no certainty, obviously). Because making a statement like this, and then dropping a CR announcement in the near term, would be an act of bad faith and would maul their reputation (bait and switch).
Ann: Minbos to Pursue Yellow Phosphorus Potential in Stage 2, page-169
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