Hey mate,As I mentioned before, the debt with Daelim etc isn’t a...

Hey mate,

As I mentioned before, the debt with Daelim etc isn’t a negative as far as I’m concerned.
It means the BFS is still being completed, whilst Justyn and the team secure pre-FID(or more) funding.
Daelim aren’t stupid. They have a $15M equity stake that has now halved, they wouldn’t keep throwing time/labour/$ into a venture that they thought was in distress.
They are obviously somewhat confident they will get paid, nevermind their financial interest in the success of the project…. As well as their reputation.

A completed BFS can then be used to secure the major portion of the finance (hopefully soon thereafter), likely through the Korean financiers.

The alternative would be Daelim sitting there, twiddling their thumbs, and NRZ another 12 months + behind with zero work on the FEED/BFS.
It’s good debt, and it doesn’t negatively impact NRZ at present, in any way that I can see. Daelim aren’t knocking their doors down demanding payment, but rather working with the company as a supportive partner.

To me, the arrangement only strengthens my confidence.

The concern that shareholders SHOULD have at present, is dilution and ultimately delayed timelines, based on how long it takes the company to secure preFID funding (as a minimum).
Or a bad deal with this potential “strategic partner”.

IMO, it’s become clear, likely given the enormous CAPEX, that we won’t see any meaningful MC appreciation until at least the 30% portion of the funding is secured, or the release of the BFS. And the specifics will matter.

As a speculative stock, there isn’t enough “hype” style news to keep folks interested. It’s either “move beyond a speculative stock” or bust.

I’m betting on the former, but Que Sera.





Cheyne