The market is suggesting that they will not succeed at getting the very "loans and royalty deals" you are suggesting. If the market was confident the financing was there, this would be a slam-dunk and the shares would not be near a new low, i.e. there would be a robust institutional buy-side in the name.

Unfortunately, and I'm long the stock, the market thinks this project is not going anywhere fast. I hope it is wrong but that is less and less frequent with junior equities these days.