How can Gunvor get their money back? What's the collateral? AVQ...

How can Gunvor get their money back? What's the collateral?

AVQ do not own Isabel and SJ does not even have a JORC. Isabel is also mostly indicated and inferred. Production is very much uncertain and long way to go.

Groups do not give money with such uncertainty. Also, any loan would have a fine print a mile long.

Some people think there are groups out there desperate to give money to AVQ and ask nothing in return because, uhm, RM is a nice bloke and all.

Any money raised will be for salaries, travel costs (RM is in a different country every week), and a bit will likely be spent drilling SJ

Btw, a company I know who lost their asset in Fiji in similar circumstances had to wait one year to get it back. things move slow in those places.

Lastly, Nova will earn 5-10 times more than Isabel hence the higher valuation for SIR. Capex is higher because they will produce nickel/copper onsite instead of a DSO.
Many people still do not understand this concept between producing nickel concentrate and shipping the ore.
If AVQ were to produce nickel concentrate the capex would be $2 billion versus $400m odd for Nova. Then you could compare like for like

Hence nickel sulphide superior to nickel laterite