what's stopping eqx

I have started thinking that I'd like to identify the hurdles EQX faces to becoming a possible IO producer. I'm very positive on the company, but would like to look at it from a different angle as well. I'll list a few down, feel free to add what you think the major hurdles might be.

1. There isn't any iron clad port/rail agreements as yet. I'm aware of the framework rail agreement that has been signed, and I know EQX is in talks with the port authority as well. Management seems very confident this won't be an issue, but there still isn't anything iron clad on the table as yet. Getting those allocations signed and delivered will no doubt be a big step for the company.

2. Badondo is still a stranded deposit at the moment. Hanlong have made a bid for SDL, but the bid keeps getting extended and there seems to be some uncertainty. EQX needs someone to build the rail line from Mbalam to Lolabe, then we can build our rail spur joining to that main line. The other option is to piggy back with whoever develops Belinga, and rumours are it may fall into the hands of BHP. I think that in the end, transport infrastructure will be built, it's just a matter of when. Unitl it is build, Badondo is stranded. The other thought is that EQX may sell Badondo to another suitor after proving up a large resource, but Welborn seems confident that the deposit is a monster, so I'm not sure they would be thinking that now.

3. World conditions. While the EU stalls, USA remains sluggish, and China slows a little while switching from infrastructure demand to domestic consumer demand, the share price may remain a little depressed. I don't think that those conditions will effect the viability of the compay though, considering we should be a low cost producer.

4. Sovereign risk. The Congo seems like a quite stable place to do business and there has been ample foreign investment in the past, but yes it is in Africa. I don't think this should be too much of a problem though.

What do others see as possible hurdles or risks?