Ann: Cleansing Notice, page-5

that said, if they need 11m to 16m to first production ?

then ask why the consolidation ?

usually its so that they can look a better structure, attractive for new equity/ finance.
WHEN, they get the finance, perhaps a CR following consol, might present the last discount where there is a good footing to expect higher speculative value, turning development/ production, ,,if South Africa dont get in their own way.

Interesting, as the capex isnt that bad, so the odds of it getting the funding are reasonable on equity markets.
BUT,  instos will want that discount even after consolidation.

So, IMO, i would wait until that finance / discount cr hurdle has been removed, and it should allow upside to flow .

Watching with some caution.