NM'm is being conservative IMHO. At financing it could be well worth more then 30 to 40 % of NPV.
there may be another lull after that. What normally happens is the SP jumps on financing then there's a large equity raise (to get the insto's. in) which drops the price a bit (but holders can get more volume) then a hiatus during build.
Of course it all depends on the the speculative demand for the commodity which I'll call the prevailing wind.
News flow on the other projects in the build interim will help.
SOLG ALPALA MRE3 Available, page-41
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