Ann: Company Update, page-19

Simon worked his butt off but management don’t control every aspect of the process on a daily basis. Some things just pop up.
This has many moving parts and there were issues in behind the scenes that slowed down progress. We have seen problems with other companies who just rushed in to keep the punters happy only to encounter bigger issues later on.
I think EAR is suggesting they can do the entire project with debt, but that does not mean they will do that. Both the board and lender might think it’s more prudent to have some equity with the debt. It does not have to be big, just sensible. This might come in the form of an entitlement issue.
The short term news may allow the price to climb a little bit from its lows.

It’s going to take a few more months to sort this out. I am a little surprised that it would take that long given the BFS is done. This also means the company is going to be about ready to move around Xmas time. Nothing is likely to happen around then, so maybe early next year. I think this just pushes the game out another 3 months plus. No real bad news, just timing. Good thing they are not burning a lot of money right now or they would need to raise more to fill the timing gap. Dyor