From all indications by Tim, the discussions have been happening...

From all indications by Tim, the discussions have been happening for 2 years now because he has had to build the relationships with the complete supply chain early on if we are to successfuly capitalise on the circular economy vision that Tim and co have. It also sounded like once the DFS got released, more and more phone calls came in from interested parties.
IMO the ML is now purely a formality and it wont bring much value to the share price unfortunately. The catalyst now moving forward is putting the MREC and the REO from both demo plants into the hands of these interested parties as per Tims comments from the video above that Roblun shared.
Hopefully now that we have cap raised and with the SPP, we can happily keep ticking along now until we are ready for FID by H2 2024.

The only other "concern" i have now regarding dilution is how we will buy/cut a deal for the remaining FROR 40%.

Looks like from the presentations that the equity portion of Makuutu will come from an upfront cash agreement when signing an offtake deal, and if the EU sign on to increase their target of 25% (1 in 4 units as Tim said - and that sounds much more intense than 25% to me haha!) of material to come from recycling, i can't imagine it will be hard to find government funding for our first commercial recycling plant/s.