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Looking through the risks listed in Veritas report: Metallurgy is no longer a risk following positive results from the high and low grade samples. I dont see Port, road or rail as significant risks anymore as CML Metals is economically shipping iron ore from three times the distance away and there is the choice of 4 ports which dont need upgrading. The Iron Ore price is a bit of an unknown into the future but as operating costs are less than $50/t, the operation should be profitable and they can increase production in the future to offset against any price drops.

Im not too sure how the approval process will go, there is no native title to worry about and given the economic climate in Nevada, they should get approval to mine. The approval process could draw out the commencement date or it could be fast tracked allowing production to commence earlier than planned.

They dont have the problem of huge capital costs like Australian projects, so they can get a smaller operation going which means financing is much easier, as is getting a customer to buy the end product. Australian projects can cost $500m - $1b+ to get going so they have to aim for a large production rate to make it viable. Thats how i see it anyway.