Sovereign Wealth Fund of Zimbabwe (Mutapa Investment Fund, page-51

they could’ve done all those things after the PSA signed,
that’s how it’s done. Govt’s leverage much higher after the money has been risked and discovery made. Company’s leverage much higher before.
Nevertheless IVZ were very aware of this imbalance and proceeded anyway on the supposed strength of a legally binding pro-forma exploration agreement that is in place, with the production agreement to follow as a formality. I hope this remains accurate but it feels like after so long that belief levels are dwindling and the need has become “show me”