1) serviceability - lenders will take a forward looking approach...

1) serviceability - lenders will take a forward looking approach to serviceability, im guessing interest will be capitalised, so past cashflow shouldn't really play a huge factor. they will be looking at cashflow after 1.5 is up and running and the repayment profile. current cashflow would just be additional comfort
2) contracts - maybe there are not enough offtake contracts for the additional 1.5 output to give the lender confidence that what they are financing will be sold
3) security - i still dont udnerstand the basis of funding off stockpile, when project financing is usually secured by the assets being financed or based on offtake arrangements, what CXM is doing sounds like using inventory financing for capex purposes
4) term - you just charge a higher upfront if the term doesn't allow you to hit your return metrics. pretty straightforward from a lenders perspective.
5) NAIF - government funding is never fast.

play the waiting game for now