Market cap 100 Million Club, page-15

Not vivid.
You can’t refute the facts that I present.

Imagine APC getting NAIF approval contingent on full approvals and the company raising the $60M before they secure the final leases and NT agreement. They start the project thinking everything will come together (just like SO4 did) but it doesn’t in the appropriate time span.
They can’t draw down the loan and they go back to investors with a heavily discounted raise (like KLL and SO4).
Not vivid. We have seen variations on this theme with both advanced SOP companies now close to production.
Cheers