I note your point Tech Step, but in CXX's case I think there is...

I note your point Tech Step, but in CXX's case I think there is just cause for optimism to be fair.

Deposit yields are on the cusp of $zero and, given everything we know about CXX's performance so far, the niobium market in general and the numbers around Panda Hill in particular, what makes you so uncertain about the future cash flows of this project?

I reckon a lot of the main risks have been mitigated already and although some risk remains (drop in market, drop in demand/no offtake or forward financing etc), I am hopeful the word "speculative" will not be used in the same sentence as CXX for too much longer.