cash-backing equal to market cap, page-33

I'm out now but open to coming back in when Wonarah is suitably advanced.

I see 2 most likely scenarios which could blend.
I. Mak finds a partner for BFS and gradually dilutes to a minority royalty position through construction.
2. Cliff follows past form and finds a way to package MAK for sale to another party at a premium.

Either way there will be money to be made but I don't see that time as now. There are too many questions as yellowcake has stated. One thing I would add to his list is the risk that the board may direct their cash to buying more sub optimal assets.