Let's look at this from the other point of view.
Assume that we don't have the metallurgy figured out, then who in their right mind goes to the financial markets (in April 2012!) and gets a 90 million bond financing at 8% per year ? Why the rush? Why not slow things down a bit, let the GQD figure out the metallurgy and 8-12 months later go out and get the financing. You save yourself lots of trouble in this way, plus a cool 5-7 million in the process.
When the financing was obtained, don't you think that all Jon Hykawy s of the world would come and ask you all sorts of technical questions before giving you the money? They asked for confirmation of the historical mineral resources, but don't you think that they were smart enough to ask for some proof of metallurgy? They know whar REE is all about.