Good analysis DRA. But if one of the end users is already a miner and he can save $10,000+ per tonne by simply mining versus buying and he "only" pays a Billion for the shares and the mine cost - his payback is only a few years, he does not have to worry about 20 years down the road. In that sense, the only explanation for holding back would be waiting for the production process to be finalized.

I guess another thing we do not know is - what is the amount of synthetic each of these 25 NDA companies currently buys? That would be a huge factor in there own thinking about the cost savings to purchase. Much different for a 25,000 ton user versus a 80,000 ton user.

Hopefully once the PEA is out, we are done with the cone of silence and we can promote this thing.

I think we all thought that with a June 30th PEA the sparks would fly in fall. So now they should happen in spring.