I completely get what you're saying, and would be very sceptical if management didn't hold much equity in the company. Although JP is heavily invested.
The way I see it, is that the resource isn't changing. So if this fails, then we'll still have a suite of interested suitors. Even if they drop their price to US$125m due to a deteriorated GLN negotiation position, that's still double the current share price.
Ann: HMW Phase 1 Funding & Offtake Secured with US Based Partner, page-48
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