I agree with your first two points, but I strongly doubt that the royalty rate can be withheld once it’s finalised with MIN. In January last year, ASX challenged Hazer to reveal the rate. Hazer declined, since numerous variables were unknown - a pretty reasonable response. But ASX is likely to come knocking again if there’s no disclosure at Stage 2, and I can’t see how Hazer would have a leg to stand on.
This is current, I believe, as per GW’s December letter:
Apart from the above, would Hazer want to keep the royalty under wraps any longer, and keep the share price down? They need to fund the company, and moving ahead with a 5-10ktpa plant would mean they’d reached commercial viability.
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I agree with your first two points, but I strongly doubt that...
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