Normally yes, but not right now. There is too much uncertainty...

Normally yes, but not right now.

There is too much uncertainty about inflation, commodity prices and exchange rates for lenders, and too many formerly viable projects that are not viable. Last year a lot of formerly viable projects saw 30-40% cost blow-outs, making them now non-viable, and the lenders don't want to take on the risk until they know for certain that these pressures have abated.

I don't believe BML are one of them, but the lenders are making companies jump through a lot more hoops than usual, leading to delays such as we have experienced. Luckily BML have gained a significantly more certain set of numbers by going to tender instead of quotes - which led to a significant reduction in the costs, but also a significant risk reduction for the lenders. But it took longer.

A simpleton's viewpoint would be that management of these companies are simply incapable, ala Scotland/Protagonist, but they are wrong. You can't just walk into a bank with a DFS and say "gimme money" any more. It takes a lot more time, and the management of all of these pre-revenue companies are all in the same boat (hence the hundreds of companies trading all their lows).

Many of them just won't proceed, but again, I think BML will. It just takes longer due to the lenders taking longer.

But you'd know all this if you simply spoke to someone on the Board of BML, or any pre-revenue mining company really. Or any analyst at any broking house. Or a lender. But I guess its easier to blame Simon, so that's the route people are taking because people are typically lazy I guess.