Back to the price it was before the MOU with Alcoa was announced. Essentially no better off really either. Most were expecting the Phase 2 signing today and Alcoa need to agree to go to Phase 2 so there is still a lot of risk of Alcoa not proceeding,
The delay and risk is the drop in price. Might ultimately end up the same but for now its not as advanced as many were hoping the term sheet would suggest.
FYI Price at posting:
53.5¢ Sentiment: Buy Disclosure: Held
