Ann: Darlot Drilling De-Risks FY25 Mine Plan, page-11

It's a good podcast illustrating the reality and difficulty of getting a mine plan off the ground and just how conservative financiers must be to insure they get their money back. But to be clear, no one is disputing the necessity for hedging to build KOTH, this was of course unavoidable and a necessary step in the process. The objection is solely with the cash-flow valuation disparity between the two proposed entities getting married. To that point it's notable that after trailing for weeks below the 3.43 exchange SLR is now trading at 1:3.48 red shares.