My worry is I want returns now?

I am having patience since 2008. But go tell me.  

Apparently you are not aware of previous roadmaps for the ROF and how they have been extended continuously by NOT. Also it seems you are not aware of the scope of the project - the 1B commitment by government is for infrastructure and there will have to be several mines, smelter, FeCr plant(!), etc. installed by NOT.

Coutts explicitly mentions "Billions" to be spent in this document. So your statement of 1B being the larger part of this project is incorrect.

But let me quote A. Coutts for you:

"Those are the fundamentals and when you’re talking about putting billions into these projects, having a confident long-term view on the price of FeCr and Cr is essential and that’s a bit of an uncertainty we’ll have to get some comfort around."

So where's the "doom and gloom" I am accused of?

And to think Wyloo with a ~30% ownership in NOT (a 100M company) will easily put up the Billions for all of that - well possibly but not withou massive further dilution for current shareholders which is exactly the point I was trying to make.