The banks funds have not been drawn down yet - because they...

The banks funds have not been drawn down yet - because they don't need to be drawn down yet. It delays the start of having to pay interest.
NOT because the FCI has not been signed.
I understood the FCI frame work was in place, and the delay of locking it was to wait and see if any better terms were negotiated in these recent announcements by other companies.

IMO the lack of large new investors and the languishing SP is due to two things - the convertible notes squeezing the price waiting for a big rerate, and the perceived risk that WKT won't deliver on the projected high value flake extraction. So risk is still high until the plant is commissioning and producing ore. Doesn't matter if a bulk sample was test through a different plant, one not optimised to maintain Lindi's flake size. It has to come down to the Lindi plant being able to maintain the high profit material size.