Ann: September 2023 - Quarterly Activities Report, page-22

this is clearly a good news only company. they haven't told us:

1) how much the capex is going to be, even though they know it has blown out. just give us an estimated range if you don't have exact numbers locked in, but they know the US DOE loan is not going to be enough even topping out at $700M USD.
2) SBSW JV discussions - JV is not formalised at this stage. i'm guessing SBSW is renegotiating the amount they have to put in for 50% ($490M USD), because at the current market cap they could just buy INR and take 100% of the project for less than this. the fact they haven't done so indicates a) something wrong with the project b) getting cold feet c) renegotiating the equity value or d) massive arbitrage opportunity everyone in the market is missing (highly doubt its D)
3) the final permit is now 1 year behind schedule - what have they been doing to speed this up....