Opportunity knocking, page-17

So long as SFX are developers and not producers they will simply continue to burn money. This is the unfortunate reality of nearly all juniors, expenditure increases into and post DFS as management teams and crews on the ground get larger in preparation of the development green light. More CR to fund the expenditure, equals more dilution. Expectations of more CR's drive the share price lower, which becomes self-fulfilling as longterm holders as well as traders try to get out and buy back cheaper later. Tough, tough game repeated across the ASX and over history until one of two things happen.... deal or no deal.

The min sands sector is really incredibly small, especially when it comes to major players and investors that will even consider backing large new projects, let alone investors that know what a mineral sand is. Industrial commodity, boring and historically not always a great investment looking at how many mines have struggled to deliver the promised returns. Overlay the unfortunate reality of very few potential buyers, most incumbent producers happy to see SFX struggle and never bring more production competition to market, with the uncertainty of the trade war and world economic slow down and SFX have clearly been up against it trying to lock in partner funding at a fair price.

Not just does SFX have to lock in a deal, but it can't just accept any deal quickly if that means giving away too much value over the next 37+ years. The leverage of what kind of deal management can lock down today has enormous implications for SFX share of profits and value over a very long time obviously. It simply doesn't make sense to save even a few months delay and share price stress if that means sacrificing hundred's of millions of shareholder value with too much project dilution, too cheap. I am still confident a deal will be forthcoming, though the longer it drags the more likely the deal will be disappointing to longterm investors having to give away an 'unfair' amount of the project to get it up and running. Still, that's the stock market, who said it was fair.

good luck