my greatest dml worry, page-6

the big boys wont come until the project is fully derisked, ie until the construction is completed and production starts. They can afford to wait and won't mind paying a bit more at a later stage - why buy something and spend your efforts/resources in bringing it to production when you can let it happen and come in later and all you have to do is integrate the production... Also, there's a good chance that management could tell them to flog off with a small bid and recommend SH against it, which if this was the case, it will push the SP up even more and make the TO even costlier for them.

IMO, once construction is complete or in early production is when DML will have a massive target on its back :)