46 reasons to invest in BML, page-8

Your assertion that PMs have 'bottomed' is controversial and requires elaboration.

If there was an emerging consensus that PMs have bottomed and are about to rise wouldn't we be seeing this reversal in sentiment reflected in GDX and GP vols and direction?

There's none of that. POG remains firmly below its key MDAs and gold ETFs are currently seeing huge outflows

You use of the word 'arguably' comes across as very weaselly. If you have an argument to make that GP is about to move up, I'd love to hear it (a proper argument, not a repost of Rick Rule).

Because, if there's a further PM correction during the project financing period (due to a deflationary bust of broad equity markets sell off), that's very bad news for BML shareholders