"Then why secure a $7.2 million ELOC? Why not $1 million?"

Because it is an insurance policy. I have a life insurance policy that I don't plan to use any time soon. They may use some of it until the smelter is done, but not much. You do realize that the confirmation phase money will be needed over at least a year, not all at once immediately? And do you think SFMI won't be generating a steady stream of revenue sufficient to fund it pretty soon? So have you finally given up on calling it toxic financing?