Ann: First Concentrate Consignment Scheduled to Leave Port Today, page-22

"is dry more or less valuable than wet?"

Smelters don't pay for water.

Quite simply, there's an inability (for me at least) to gauge when a profit will be turned.
I believe the DFS was commissioned in 2017(?) with NPV updates in 2021. It is difficult to believe certain metrics have remained the same.

Is the company tracking with projected forecasts? What will be the loss for this quarter?
But yes, I know it's 2024 and financials have fallen out of favour.

Again, I'm not implying in any way it's a bad stock. These are just factors that may attract another type of investor.