I believe this is exactly why Merchant Group said in the Talk Ya...

I believe this is exactly why Merchant Group said in the Talk Ya Book episode, paraphrased, "It could rerate to $1 and you know what, it'd still quite cheap even then when compared to other projects of its size"

It also keeps investors sentiment high, usually you have major registry churn after a mine goes online; those there for the production catalysts/project risk riding the rerates leave, and those wanting the FCF and long LOM in the chosen commodity exposure stay.

SHP having practically 6-8 years of constant catalysts for their 4 projects coming online holds a hell of a lot of value for the SP, as investors scramble not only to participate in the production catalysts/project risk rising but also those value investors wanting the FCF and potash exposure; where will the sellers come from?

It will trade like a unique beast come that time, as FCF double/triple/quadruple. Or if a major acquires us before that happens! Hard to not get excited over the potential.