The MMP process is nearing the finish line but nothing has changed per se. Each updates indicative that we are close to derisking each step of the way.
The lack of action has mainly got to do with the tight registry as well.
Interested buyers cannot just buy in 40-50k worth of units without significantly moving the price. It's way too tightly held by the sellers at the moment.
For instance, personally, it took me across two weeks until I got the minimum holding value I was hoping for without having to pay premium price for it. Each time weak hands shakes out, is long term holder's opportunity to top up or accumulate. That's pretty much the strategy for most MT-LT holders at the moment.
The FOMO and re-rating will occur naturally as we near our gold pour 2 months after MMP. There's still intrinsically some risks involved and increased cost to deal with, but we should hit about 70cents per unit, which only puts us at 35odd million in cap. That's not a bad target to have and a reasonable one in the ST imo.
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