Well at Voyager they did manage to get a "Contingent Resource"...

Well at Voyager they did manage to get a "Contingent Resource" from Sproule. If they were more successful with recent drilling at Voyager in terms of helium concentration and flow-rates then potentially there could of been scope to upgrade some of the contingent resource at Voyager to proven commercial "Reserves".. Unfortunately it hasn't happened thus far at Voyager but just saying hypothetically "Reserves" combined with offtakes can be used to underpin a loan towards buying your own processing plant - ie no dilution from such a loan.

But again such a scenario wasn't in the picture as BNL were locked into the IACX scenario to lease a plant from them.

Maybe as you say benefits going initially with IACX just seemed at Voyager the decision was based on limited data initially if at the time they'd only drilled one hole and not flow tested it. Only now is more known about Voyager with more holes drilled and flow-rate tested.