Sounds like we agree a lot more than we disagree.
If you think it's entirely likely we're going to go above 30c on the DFS, we pretty much agree, we're just talking about different things when we say rerate. To me, doubling the price quickly is a rerate.
As I said, I don't at all expect us to go anywhere near $1 in the short or medium term. I'd be very very surprised to see 70c-$1 within a year and don't expect it within two, so again, we agree.
Sure, funding isn't finalised, but the deals are partially set up and it looks like it's not going to primarily be done through huge dilutive capital raising, so that's a plus, and if we have a fantastic project with outstanding ESG ticks backed by a solid DFS, I think we'll have no problem getting a great funding deal and most likely generous government financial assistance. Australia is a complete sucker for anything ESG, and carbon negative nickle using waste products etc ticks the boxes more than just about anything else. Seems I'm more optimistic than you there (usually I'm on the conservative side of estimates on my investment) so I suppose we disagree a little on this point, but not radically.
As for GM, I don't think as much of a guarantee as you suggest. Countless times I've seen big companies throw a lot of money into new projects, people see that as a guarantee of success, and the project fails. Big companies are not immune to mistakes. GM itself as a company gets no shortage of criticism about extremely bad decisions they've made over many years, I'm sure we're all familiar with that. I don't for a moment mean to suggest that GM's involvement is bad, it's great and I was jaw-droppingly impressed and excited when I saw the deal with GM announced, but just because it's nice to have such a big partner with a big name and a lot of money, not at all because they have a track record of making fantastic decisions which turn out to be the best ones. I'm still very optimistic about everything, it's just based on other things and GM's leap of faith just doesn't add to it.
The biggest thing we need to get to what I think you're seeing as the 'real rerate', the move to 70c-$1 or beyond, is time. For the most part I think were seeing the same picture and just putting different labels on different parts.
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