Think the point is misunderstood.The problem is not that...

Think the point is misunderstood.

The problem is not that Rockcheck is a minnow mill.

The problem is that "niche" Rockcheck and Chengdu Steel have already secured an offtake for all of AXO's production in the forseeable future.

A invariable and distinct pattern has emerged that large state owned mills or commodities entities like CRM have provided funding only in a JV arrangement where they own part of the resources and more importantly where they secure (semi-exclusive or exclusive offtake supply).

I can't see AXO tearing up an existing offtake agreement with it's largest shareholder simply to invite a new participate to get the project off the ground. That's my speculation (pure speculation). That's all.