The EPA assessment for this project was always going to take a long time based on the Reward Minerals experience. The response to public submissions is yet to be published but it is likely to be extensive. The EPA related announcement shouldn't of been a surprise.
Regarding the SP, the reality is the market cap for this company has been an anomaly for quite a while. The DFS was impressive but their proposed processing is more similar than dissimilar to what KLL has struggled with. This will no doubt be on the minds of NAIF etc.
Given the comparable scale of this project and the fact they do not have a processing plan B alternative to flotation, the market cap shouldn't be so much different to that of RWD which is around $20M. Arguably the AMN SP could fall further and not be out of place within the sector.
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