You're missing that since then KLL and SO4 have collectively failed hard.
KLL Opex up 50% from FEED and a cost blowout, which has required them to rush through a 2nd expansion before the plant even is proven to work to metrics.
SO4 is in a restructuring
SOP companies aren't going to be able to raise without steep discounts, until anyone can prove the fanciful numbers being thrown around in BFS are actually replicated in reality.
When both "major" players in an industry collectively $#!7 the bed so hard, it's going to destroy sentiment, and brokers will certainly be driving hard bargains. Not in APC since their lake is worse than Lake way so if SO4 has had so many issues, not sure APC can meet their super ambitious numbers, but even AMN is facing similar discounts in their dicussions for their raising.
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