I disagree with you Lewis.
Banks want lots of security.
(And and I don’t think AVL joined with TMT simply to get an environmental approval )
The study lasr May on Bushveld by giant French global bank, BNP Paribas wrote:
https://www.bushveldminerals.com/wp...BNP-Paribas-Exane-Initiation-Note.pdf#new_tabPage 26:
Investors in early-stage projects typically require a higher cost of capital to reflect the associated uncertainties.
Early-stage projects would benefit from policies which provide revenue visibility and stability over the longer-term (20+ years). …
AVL
said it had a 25 year mine life back in early 2022 but I’m pretty sure the definitive resource was only 18 or 19 years and the rest was inferred from reprocessing waste tailings .
(20min delay)