SUDS, you are correct in saying that "Defender and SOA are not a given".
With mining businesses, nothing is a sure thing. If you wait until the result is out, then you'll need to be quiet lucky to get low prices. For me, based on one of the recent Defender announcement, it mentioned about the "resistivity of 100+ ohms" and "brittle carbone sections that appear to be oil saturated", so that is more than an even bet.
Of course, at the end, it is up to the individual to decide the amount of risk they are willing to take.
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