There are so many exploration companies with nothing to develop,...

There are so many exploration companies with nothing to develop, that move from one exploration project to another and can do this decade after decade that don't go insolvent.
Minbos did something similar with both the current asset as a joint owner but not manager, for around seven years, as well as the recently divested rare earths project.
The sp lingered low for most of the last decade, surviving on one capital raise after another. The longer that continues, the lower the sp drifts through dilution but still no insolvency.
Where was Merchant and co to warn of insolvency and dilution risk at that time?

Fast forward to the last three years. The company has moved to majority (85%) owner and manager, changed focus to a low cost, high margin finished product for local use. Completed comprehensive field trials to prove its effectiveness as well as its advantages over imported products for local conditions over many seasons. Received a mining licence, completed a compelling DFS, raised cash to prepay long lead items which are mostly now stored under cover in excellent condition, not rusting away as some unsubstantiated fearmongering poster's claim. The company has a binding offtake MOU, US$14mill credit approved with the IDC and a clear path to construction with well advanced talks with the largest Angolan bank and the Sovereign wealth fund.
First production will be next year, most likely moving straight to stage 2, with less capex needed than originally expected for stage 1 only in the DFS.
US$10mill saved in upfront capex for stage 1 with a change of product that does not need MAP blended, reducing processing steps, operating costs and plant requirements but still offers a high relative performance. It also saves US$25mill in stage 2 capex which together with strong interest and now another MOU with South African customers, allows the company to go straight to stage 2 capacity rather than wait 7 years for stage 2 as envisioned in the DFS.
Progress on everything in Angola for such a low capital cost, simple processing project, has been slower than anyone originally expected but the reality is that the time taken to get from being awarded the project as manager, updating the JORC resource, completing a scoping study, DFS, environmental studies, field trials, securing MOUs and finance and getting to the verge of construction has taken around three years. There is nothing too unusual about that, even for a relatively small project major projects typically take ten years from JORC to production.
The best part for those of us frustrated with the multiple delays in progressing the project is that once it's built and producing, there will be no further delays to endure. Steady state production and annual increases in sales as Angola's agricultural sector gradually grows to its former much larger scale will be a very rewarding period for shareholders. This is not the time to be scared out of our holdings by unsubstantiated rubbish posted on a forum.
The next 1-3 years should be our best for the company and for its shareholders.