"The doubt here is whether this third rate team can lead the GA...

"The doubt here is whether this third rate team can lead the GA project to victory, when that project is exponentially more complicated and requiring exponentially more funding"

Exponentially is too strong a word but that's why many of us would like to see a JV partner - for me preferably 50:50. That would bring the technical expertise and the funding. We have 100% of a green ammonia project that has world leading lowest costs. Not marginally lower costs either but costs lower by a big margin and it's not just operating costs but also capex because of the already built and available hydro electricity.
That project is attracting interest from potential partners and that's what I am looking at. I'm not expecting Minbos to go it alone and the fact that Minbos is telling us about these approaches suggests they are open to deals. If this was a mediocre project, I wouldn't put any value on it either. It's definitely not mediocre though.
Other than a JV, if a PFS or DFS gives it a NPV of US$1 billion dollars or more and someone offers a very low ball US$200 mil to buy it outright, that's A$300 million or three times our fully diluted mc or 30c per share. Anything is possible with a project of this calibre and it has to have much more value than shareholders are currently giving it - i.e. zero value right now.
We all have different views but I would be sure that if this company had no phosphate project but only the GA project, there is no way the mc would be zero. The market currently has it wrong and the parties making approaches are seeing what investors here are not seeing.