Ann: Stage 1 Funding Update Presentation, page-21

I don't think Dephi are feeling the least bit embarrassed with the SP @Hiddenvalue. Delphi are good at playing the long game & more than happy to accumulate stock at $1.

By way of comparison (with another specky stock) : Delphi started accumulating GCY in Jan 2019 & contrary to what you've suggested in your post, the SP didn't triple in a year, but travelled south for quite some time due to lacklustre production & poor management (very similar to WMX). More recently however, the GCY SP seems to be heading in a reasonable direction since the $125m recapitalisation in late October 2020, together with production improvements.

If WMX manage to get the Mercuria $40m debt over the line, I dare say the SP might improve a bit. Alternatively, if the Mercuria $40m is a 'no show' I suspect the bumpy road to concentrates production may get a bit rougher, before the road becomes less bumpy. Whatever happens, you can count on Delphi accumulating stock at low prices.