People buying and selling determines the share price, so...

People buying and selling determines the share price, so anything is possible, either way, especially when there is not much liquidity to enter or exit. However you would expect that with those major milestones being hit a significant re-rate would be possible as the project gets closer to production. If they don't get hit or delayed it may also impact the share price negatively. That is the risk/reward being in a small cap company.

My perspective is Madagascar is doing everything right in getting their mining industry going. A little bit longer than I had hoped but I expect we're not far away considering other projects in the country have been given the green light.

PFS should be delivered by the end of March, we have a very basic low cost operation. There shouldn't be many surprises and it should improve on the Scoping Study.

The funding agreement will really determine the return on investment, this all comes down to the PFS outcome and what deal can be achieved. A good PFS with multiple parties competing will improve the likelihood of a great outcome.

As a basic rule of thumb I use to value projects.
Prior to financing I would use 20% of NPV. With financing secured I would say fair value is 40% NPV.
Based on the scoping study of $125m USD. This would be $25m USD and $50m USD.

We currently don't have the license so you could say 10% NPV is fair value.
I also expect an improved NPV on the PFS. The additional tonnage in mine life and integrated logistics should improve the numbers.