I personally have written-off any hope on the lithium projects. IF there are any good results from there, it will just be a bonus (note the big IF, not even sure if we're ever going to see any results at all). I'm now invested (bought back not that long ago) in 4CE only for the Malawi projects.
@johnnycrash
Don't think any more CR is coming that soon as we recently got some more cash from offloading MQR shares and settlement of Mt Adrah, on top of the last CR - hence, total cash of approx $800-900k. The trial mining/bulk sampling of the super high grade lead/silver is also expected to bring in some cash - the last announcement stated they're targeting 1,000 tonnes as a start. If they can get similar price (or at least close to it) as the last bulk sample (i.e. ~USD$1,400 per tonne), there's some nice $$$ to be made there -- for simplicity if we assume $1k profit per tonne, it will be ~$1M for the 1,000 tonnes (note that it's in USD$) and that's only just the start. They can then use the cash for further exploration/development with no equity dilution. Regarding exploration/development, I speculated in another post (https://hotcopper.com.au/posts/39289707/single) that the graphite project could be very promising - although we need to see the DFS to confirm the speculation. The combination of short term cashflow opportunity (from lead/silver bulk sampling) and advancedproject provide a very good runway for 4CE to transition from a junior to a producer. There's an excellent opportunity here, and it's really now up to management to bring it home.
Given management's previous track record, it's no surprise the SP hasn't gone anywhere only based on the above "opportunities" / "promises". Confidence has been lost, so now they need to work hard and show real results to restore that. 1st step will be the bulk sampling - people will start believing again when they see the money. It's not a safe bet in any way, and everyone has different risk appetite. For me, I prefer getting in early even though I may risk losing more. Others with more conservative risk appetite may wait until management prove themselves a bit more, although by then the SP would have been much higher than now.
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