I think most of us now expect little if any earnings for this year seeing as we are now into April without any significant construction work reported. It still would have been good to see production start this year even if only for the sake of reaching that goal regardless of whether any profit was generated this year.
At this stage, it certainly looks like next year will be the year for first profits. It is frustrating to see that pushed back a number of times since the DFS. Securing the full funding will be when we will have the first reliable indication of when the project will be finished and in production. Until then, it has clearly been impossible to predict with any accuracy. Until we have funding finished, it's still all guess work but I still see good reasons to stay the course because I do think funding is likely to be secured and even with allowing for significant further dilution, upside is still measured in the multiples of the current sp between now and next year. As long as it looks likely that funding will be secured within a reasonable time frame from here and with a reasonable level of further dilution, then to me, everything else is noise. 100-200% or more upside in a year will be a great return but first we need that funding to make sure it is a year.
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