Is there some deadline on the BCFM being finalised before the...

Is there some deadline on the BCFM being finalised before the funding is void? Or is it just that LTR have said they will need to draw down on it by early Q3 which is the main urgency for having the BCFM finalised?

The longer it drags out with radio silence from mgt, the more you’d have to think there are real issues in the numbers.

The funding was announced 13th March and they would have already had some baseline numbers heading into this, so it’s a reasonable question - why has it taken 3 months to put some cash flows together? Or are they already drafted, but the constant drops in spot prices have already rendered the numbers invalid before they get agreed?

All of the above is speculative of course, but it still brings me back to my golden rule - good news never gets delayed.

Also, before anyone tries to say I’m downramping - that’s clearly not the case because from memory, when the LTR funding was pulled in Jan, it was a catalyst to a very large sell down across the entire sector (which would not be in my interest). How would the market perceive LTR being unable to obtain finance? It would be a massacre across the board.