If the offtake and funding are whats holding everything up as...

If the offtake and funding are whats holding everything up as claimed by Red, not the mines mills or FID, then there are only 5 options

trafigura like with PAN $45M cash & credit line, gets into production easy
yankee junk bond hacks - disaster for FMG MBN AGO
Argo/PCF aka Liam Twigger - Argo quiet, looks to be ignored now, Oz banks lost in space wrt seed capital
PBT - $2 shelf company with NO ASSETS in Oz, and funded by FED grants into a black hole, long delayed also and now IGO has gone one up on them in Kwinana land deal yet still no offtake or land deal or any building for them at all that we know of.
BHP- no deals or cash or credit, only monopoly and high toll costs, as MCR just discovered, they will throw you under the bus & couldnt care less

Once again, it takes PH 3 years to realise that Trafigura is the ONLY OPTION atm & always was the only option. At PAN he worked on Trafigura offtake for years which Victor turned into a deal and production in 15 months unlike PH.

The ore is good top shelf, the mines and mills way bigger and better than PAN, PAN operation way smaller than POS
1500TpQ v 1875pQ (2022 BFS) but can go to 2000 - 3000TpQ as DS RD MST called before
POS at full capacity at BS at 2.2MTpa ore throughput all 3 circuits can produce at 1.0% (BFS rate) at 5,500TpQ

POS can outproduce PAN at double to triple that of PAN just at BS alone at that low rate of 1.0% grade
Remember GS is 4.1-5.1% and SS is at 9.1-12.0% super high grades
The recent BFS of 7500Tpa was at 20% of capacity of the BS mill.

PAN MCap is triple POS yet POS can quintuple its revenue and production with LJ also
I assume PAN is fairly valued (which many claim its undervalued compared to MCR WSA)
thereby its a 15 x valuation discrepancy POS v PAN imho.

Trafigura has and is the ONLY OPTION imho.

POS BUBBLE number 2 is a real prospect imho.