They are trying to prove the methods of extracting Sn form the tails before they tackle Rentails. Otherwise the same Sn that was difficult being fine or combined with other gangue minerals, will reduce recovery & profitability.
Give them time and they will have the two elements 1) More proof of recovering the difficult Sn. 2) More certainty that the Sn price will stay up over the payback period of Rentials.
Given they would probably come back to us with a bit of a cap raise at least for some of the fund ( plus debt) I think that's reasonable/ prudent. I.e. the business case has to be conclusively made. Low(er) financing cost's are very attractive though.
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