Just thinking out loud here. I would be assuming TNG won't give...

Just thinking out loud here. I would be assuming TNG won't give such updates. Having SMS on board would streamline this process behind closed doors. Using ATC above as an example, IMO, pre assessment would be SMS jumping on board and doing their own due diligence. They would be pushing strongly from the get go with Tivan and shared IP.

No doubt with PB saying, "There’s no question about whether we’ll get the project away, it’s just how we’ll put it together and who will facilitate in an advisory capacity to bring a finance consortium together,” and the now redacted slide seem to indicate that pre assessment was positive. One would assume that SMS's own due diligence by their finance team would form a major part of the German ECA's requirements. Our worldwide activities mean we are a partner of the leading Export Credit Agencies (ECA) with strong links to the banks involved in export and project financing. In Germany, for instance, we are one of the biggest customers of Euler-Hermes – the German ECA.

With PB seeming to not be concerned about tying the all important ti offtake up before the end of the year, it would seem that perhaps the major hold up to announcing the major debt provider could be environmental permitting? I only say this as PB's comments regarding "opening up the ore body" and "turning dirt" were when TNG expected the EIS to be done by end of July. Perhaps this stall and further studies for the EIS have halted the credit agency.

All speculation of course guys and girls! Have a great weekend and GLTAH!