HongFang, I'd like to start a civil discussion on this point, so...

HongFang, I'd like to start a civil discussion on this point, so let's try.

"Shanhai Janson backflipped on the $25m loan facility that should’ve been ours once securing the Offtake."

You know what the irony is in this statement? For you, all evidence pointing towards MNB being a very underwhelming performer is "all assumptions". A lot of things that have been said, while it's almost as clear as day that it happened the way it did (for example, 1. Lindsay promising in September a November commencement knowing full well at that time a lot of things were still outstanding ($26m full missing, and construction not even started, and a contractor that was non-performing), 2. Someone else in this forum seemingly knowing a thing or two about construction (not me!) raised a point that MNB could have been better in selecting a more well known and high performing contractor), 3. The "last CR before DFS" announcement, only for another CR 10 months after, etc. etc. etc. (I won't give the full list, but we get the idea), you would also be the first to dismiss everything and give MNB a (overwhelming) benefit of a doubt.

Now when we get to this pathetic situation with funding, for you, MNB is the hero who tried their very best to look after its SHs but unfortunately came short. And the first thing you blame is the Chinese, and a severe accusation that they backflipped on the deal. I am no fan of the Chinese in general, just like you are, but do you see the one way MNB street you have been driving on? Lindsay backflipped on countless occasions and for you it's "assumptions", but when it comes to the $25m funding, it is "definitely" the Chinese who is the bad guy here, not Minbos or any other possible reasons.

For what it's worth, $25m is indeed a change to SHJS, but I can at least think of a few possible reasons why the deal did not go through.
- They may have an investment mandate or at least a tendency to only participate using equity or loan with a significant equity attachment. Minbos initially agreed to this but backflipped due to thinking that it could get a better deal elsewhere easily with the "NPV" number and enhanced scenarios.
- They may want to see a proper formal sales agreement with Carrinho with some prepayment to confirm the seriousness of that deal.
- The P4 study doesn't look that good to them.
- etc. Etc. Etc. A dozen more possibilities that I may have missed.

From my POV, Lindsay has been 100% underwhelming without any single doubt, but for you, 100% of problems this company is facing don't come from itself but from 100% external factors.

We can invest in a company and remain objective at the same time. They don't have to beutually exclusive.