You can't assume the SP will increase. APC was head and...

You can't assume the SP will increase. APC was head and shoulders above peers as best performer over the last 12 months. The MC is likely to settle above $100M, $80M less than KLL, you may think APC has a good SOP project but it isn't so good to justify a MC much higher. I'm sure you will disagree.
The nickel looks to be a significant possible driver in SP and Shackleton should be poised to take advantage of anything positive.
If neither nickel or gold do anything and he drags his feet with everyone waiting for the inevitable, the SP could go nowhere. Virtually all the news re the SOP project is on the table. The only thing missing is the Bank Club dollar amount and the mining leases.
You already have a lot of shares on issue. You don't want to end up like SO4 with endless cap raises. Management look like they are doing a good job avoiding this sort of risk.