Great points you make, Dan!
IMO, AMY is about 15-18 months behind BAJ's timeline on permitting and likely a bit less than a year behind BAJ on the funding, for, as we all know, there's a rather good chance that once AMY's pre-feasibility study is out this Oct., certainly by the time of the bankable feasibility study around March 2012, funding offers will start coming in--whether acceptable to shareholders or not. Everyone's waiting for "the concept to be proven." Larry says it will easily be proved, but we need to see it independently verified by third-party group, Wardrop. (And also to see Kemetco's opinion on the EMD/LMD segment as viable or not.)
What was interesting to me was to hear from Larry in a recent quote of his (can't seem to find it now) that TetraTech will be saying something over the next few months about the enviro-permitting process. I'm not talking about final permitting, but maybe specific details about any possible hurdles, requirements, etc. If TetraTech sounds really positive about the enviro-permitting road ahead, that's going to mean something, given their many years track record doing this type of consulting...