I think we won't see a rerate unless:
- dfs somehow has economics that surprise far to the upside (unlikely)
- funding question is resolved (won't happen until after DFS).
the funding continues to be the key issue and risk. If you're confident that'll be resolved, then these prices are a great opportunity. But, many are not confident and are content to wait until they get more concrete info.
Ann: HMW Phase 1 Development Permits Granted - Works Commenced, page-37
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