I get this POV but you're missing the key difference here IMO...they're now negotiating 'Term Sheets' versus previous general but uncommitted deal discussions. Paul and team were over confident in past due to consistent and positive feedback. This over promising also reflects their collective inexperience BUT to Paul's credit he has since taken the necessary steps to bridge the commercial gaps.
We'll know soon enough!.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-68
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