To exercise the IDC loan of USD$14m, MNB needs to have evidence...

To exercise the IDC loan of USD$14m, MNB needs to have evidence of a working capital facility of $USD10m.

If the additional finance of USD$11m raised from these other institutions cannot be banked immediately, or the future offtakes do not come with a forward of cash - MNB is likely going to have to raise cash on the market before it can exercise the IDC loan.

Not ideal, but given the President name dropped MNB and the Government appears to have set up a formal application process for this USD$500m loan facility, I will remain positive. Before casting too much doubt on timelines, I have seen a pretty consistent theme of missed deadlines and unfavourable capital raises across the ASX recently.