@boughtearlyWelcome back, BE.Personally, I didn't think the PFS...

@boughtearly

Welcome back, BE.

Personally, I didn't think the PFS would add a lot of value (50% wasn't a bad result but we were at a pretty low point). I think the market is:

1) Still wary of the capex and doesn't necessarily believe ARL has the capacity (even with the Consortium on board) to get this over the line. That's why IMV, the fireworks (hopefully) will eventuate when the consortium sign on for the DFS and buy in to the project and the market is spoon fed on the actual value involved. If the buy in is based on some project value calc, rather than entity value, then it'll be happy days;
2) The consortium is only at MOU stage, and as everyone likes to think they know, that an MOU isn't really of any value until a binding, legal agmt is reached. Again, hopefully that'll be by the end of this CY.
3) Maybe the project value is just too big for the mkt to believe just yet??

Anyway, just some thoughts to pacify my confirmation bias...