I think what you are looking for is negative data, to confirm...

I think what you are looking for is negative data, to confirm the 'market knows best' in ascribing a low valuation to Galan versus peers.

If you operate like this, you'll miss opportunities and end up in a confirmation bias trap. Oftentimes, the market is wrong, and that's how you make money.

There are risks to Galan. In my mind the key ones are:
1. Water licence. I am yet to see where the water is coming from for full scale commercial production at HMW.
2. Management team. I am yet to be convinced the existing board and management team know what they are doing in the capital markets, let alone constructing a project.

However, I believe these risks are more than factored into the price, and the HMW resource is world class. Both the above will be solved, I think most likely by the company being acquired.