Deals only get done when some solid understanding of costs and...

Deals only get done when some solid understanding of costs and potential returns are understood. Prior to the "construction-ready DFT" we had nothing concrete to put on the table and therefore not unreasonable to expect parties to refrain from putting their hand out or pen to paper.

Over the last 12 months we have only had a promise of a commitment from Monash and LOI from K-coal.

The finalised ARUP "DFT" package handed over to ECT around end August provides a validated COLDRY template with costings/returns for the VIC COLDRY PLANT. ECT also have this process well underway for the Indian plant as they finalise the India DFT through the iteration/adjustments process.

The funding phase is painful and so is the necessary evil of the capital mgmt activities. But at least we have PROGRESSED and finalised the DESIGN STAGE. We now have something we can go out to tender to interested parties - the so-called carrot.
We know we need around $58M for the VIC COLDRY PLANT + some contingency dollars. It's a protracted process when governments are involved and a complex process when potential multiple financiers are involved. IMO the funding phase is truly in play.