MC/NPV perspectives, page-8

I would suggest the capex and ultimately how this will be funded is exactly the issue.

And it wont be resolved until further certainty can be provided through the BFS process and the details of funding strategy are outlined.
There is also a undeniable question mark over our ability to deliver Magnetite iron ore projects in Australia. Especially of scale (>10mpta)
Having invested in CAP / HIOI obviously hope these challenges are overcome. As always, time will tell.

To the wider HIO community, If you don't think funding is the issue, what examples of other asx listed entities that have funded a capex of 1-2b AUD in the last 10yrs and how this was done? (debt / equity, JV partners, offtake funding) would be interested I have struggled to find relevant comparisons of this scale.