I'm aware those steps are the norm in project development. But...

I'm aware those steps are the norm in project development. But this CR is puzzling given the $185 mill loan facility available.
Do you think it possible RNU go forth with a FID on the mine and use current funds to build before securing BOAs for PSG?

This may suit their future plans of putting everything possible into PSG - but in the interim selling into the concentrate spot market.

I assume BOAs are a condition of the $185 mill loan. RNU management can see the shortage in graphite supply coming soon, despite battery makers reluctance as yet, (or lack of forward planning) to sign agreements on favourable commercial terms. I see a lot of parallels with lithium market and a lack of investment 2-3 years back.

If RNU want to be in the PLS situation of bonanza pricing of graphite - perhaps they see the value in building mine ASAP with available funds (no financiers to please now) and being online for when it happens. The Government loan can then be applied to the PSG plant, as the BOAs are signed mid to later next year when battery makers are finally forced to the table.

It would certainly be a gutsy strategy from the BOD but not one without a solid business case based on all market research available IMO.