Graphite feasibility study, page-30

Not so hard to see what tobyjack was getting at and it probably is potentially the biggest advantage VXL holds ATM.
Again borrowing from the RE space development finance is going to be difficult to obtain, VXL is talking quite clearly about leveraging these offtake commitments into Ph2 funding. Hopefully that may well be announced with the BFS this month.

There are now way too many wannabes out there, massive numbers from SYR alone, the market demand for the next few years is a fraction of the touted production volumes. All these hopefuls are going to need to be able to make a convincing case before they'll even get a sniff of finance. And MOU's certainly won't cut it.