IMO a $25M loan (without a plan in place to fund the balance) to get pre-development going would not give the lender adequate collateral. Banks/institutions don't want to own inventory, partially finished projects, etc. should anything go wrong, or the money needed to finish the project does not materialize and they have to take ownership.I've been in business long enough and worked with banks (capital eq mfg, not the mining business)
I think they need all or nothing financing visibility to pull the trigger.
Just my opinion. Get it done boys, construction season this year is a wasting.
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