first of all, we’ve not discussed that the Dutch funding is...

first of all, we’ve not discussed that the Dutch funding is worthless. You’ve suggested that it’s worthless and others including myself have disagreed, so don’t try to pass that off as fact.

Also, everyone understands that you have to give a little value to receive royalty funding. Guess what? You have to do that for any kind of financing. Do you really think none is going to give you free money? If you borrowed from banks instead of doing raises or royalty funding, you’d have to pay interest, which would be giving away value that would otherwise go to the company, so by your definition any kind of funding is dilutive. It’s a bit of a dumb argument.

The PFS has been delayed, and so has the date for COD, and I won’t deny that’s a bit worrying. However, the PFS has been delayed so that HVY can assess a potentially cheaper construction package which they would obviously like to be reflected in the PFS work if that’s the route the go down.

That’s not an unreasonable call to make, so I wouldn’t read too heavily into it just yet.

The biggest risk here was the financing required, and they’ve managed to get a strong endorsement by their operational partners by having their partners prepay to secure contracts with HVY. They will still have funding needs to get all the way to operations but the short term risk is significantly diminished.

by the way I don’t completely disagree with you on NI. Whilst I think NI made some interesting points in their write up, I think the decision to engage NI was poorly timed, and NI ended pumping up NI when the business has no new developments to show for it. I think management have learned their lesson. They’ve chosen not to pay more marketers to overly pump this royalty funding, and have instead kept their head down to focus on completing the PFS.

I think that’s a very positive sign