I think there are two sides to this IMO. From the companies side, it is not opaque as we have guidance from JM about the different price points. Less risk from our side.
From the other side of the fence, they have JM/the companies word that pricing is thus, but there is not spot market price to really give firm guidance on. I doubt banks would finance based on words of a individual or a company alone. Hence the importance that has been stressed on this first large BOA, and further BOAs for that matter.
With no spot price market, BOAs will set terms or derisk much more than a mining company with a known price market. This is also probably why there are such a large amount of detractors. How can we unequiovcally confirm the price(set at $700, when other companies ie WAK are selling theirs for $300) of the mineral in the ground? Word alone? The only way with a variable market is with BOAs. This is the nature of an opaque market in a company that has yet to produce.
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