Think you have hit the nail on the head. The curve below has...

Think you have hit the nail on the head. The curve below has been used elsewhere and I think it is most appropriate here. I have been an owner of ADT for some time, great economics, some pretty substantial and not to be underestimated shareholders and from every perspective, cheap.
We are at the point where the s/p will languish, the orphan/feasibility period.
ADT represents to me, one of those shares I am happy to hold, and at some stage really load up on, but is not quite there yet. I am happy to accumulate, slowly and on my side of the spread.
Its possible it is held down until the financing question comes up. Who knows. I have seen it respond to rising prices, only to get shoved back down. Respond to announcements, same.
Silver prices are over 10% higher than the PFS, Zinc closer to 18%. The S/P should at least start with a $3
Still it doesn't move.
I think the time is coming, and when it does it will be substantial, but IMO right here right now, accumulate around the 6 month lows, no short term gratification by medium term payoff should be worth waiting for.