Offtake agreement for AUZ, page-66

My comment regarding no one wants what we have in the ground comes from years passing with no deal - I think its fair to say that if our product was in such high demand we would have customers flockin - I am yet to see evidence of this.

There comes a time when "waiting for the right deal" becomes a moot point when shareholder value is being destroyed and diluted, meaning us long term supporters get little gain when the deal does eventually come, if indeed it does ever come....

I'm not quite sure why you cant get your head around the above. Its not that hard to understand, surely?

With more time that passes, the less confident investors get that a deal will come, and hence they sell and place their capital in other opportunities.
In saying that, SRL is still given the benefit of the doubt by investors as it is selling at well above net tangible assets. This goodwill, in a way, represents the belief investors still have that a deal can be struck in the near term.

If a deal is struck and the project gets underway, I can see this rerate towards the NPV of the project fairly quickly. The reason we are not even a at a fraction of the NPV is the above, namely the fact that investors are wary that management have the capability to strike a deal in the near term.