Yeh, this basically sums up my own view.
I don't know how anyone can have high-confidence that Minbos will close the funding gap prior to end June, when the IDC loan depends on the Carrinho offtake agreement being formalised, and that in turn depends on the success of the field trials, and there have been no disclosures or recent updates about the status and timelines of those field trials.
Ann: US$14m Loan Facility Approved & Firm Bids for Placement, page-652
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