Dear Jeff72,
I did go carefully through your post and the new 10-Q. To be perfectly honest, I still do not get it.
Everything looks so good on paper but we still cannot see people fighting to invest in it!
I think it somehow confirms that based on available info, large investment is very problematic, and Management is going for something in a line of my option 1 from the post 'The Way Ahead', hoping to somehow raise those $25mil, finance what they call 'Soft Cost', and then, with much more detailed plans go after proper investment.
I wish them, and all of us the best of luck.
(I personally think that detailed design is not needed at this stage - very expensive. Proper feasibility with updated figures and legal documents, engineering appraisal, master plan, conceptual design and marketing material. $10mil - $15mil tops. But what do I know)