BKT, page-551

WKT has less funding risk with loan apparently approved and less capex required.

On the flip side BKT has far less technical and operational risk having done far more DD on product spec and having more credible offtake position.

I agree funding is a sure thing. Its more a question of how good the funding structure will be (pre-payment facility in place of debt, deferred capex etc.) And how long it will take.

I would still personally place a lower risk premium on BKTs future cashflows than I would WKT. If that were true, the risk/reward proposition here exceeds WKT ten-fold.

Time will tell.