Hurry up and take Leo's money for a 50% buy in. Get phase 2 underway ASAP with certainty.
Simon Hayes as New MD. Proven project builder. The MD here as Chair and a SP multiples from here instantly as no further CR needed ever. No need to faff about with tiny production numbers for next two years with no info on how they finance stage 2 - only to get reamed by a CR every six months and then take a 50% project deal after all the small ones.
Get. it. done.
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