How can u ask some of the questions when we have no off takes or...

How can u ask some of the questions when we have no off takes or end supply, no jorc or defined resource. You have asked definite questions which are all still hypothetical in nature.
Agree, insaf.
Arguing that something hasn't changed is only a meaningful statement if the thing in question is quantifiable or known to begin with.

Without an approximately known quantity of product and a willing buyer, it is IMPOSSIBLE to calculate a set of cash flows, an NPV and even an IGV. In fact, even after they do sign their first commercial sale, it may be that it is a relatively small sample of product for the end user to test, before scaling up.

This whole discussion is really just a bet on whether you think they will achieve the above, with a satisfactory amount of dilution... or not.