I think short term catalyst will be the finalisation of funding,...

I think short term catalyst will be the finalisation of funding, which I am extremely keen on seeing it happen no later than 31 Dec 23. But IMO, sp will probably only appreciate meaningfully if the majority of $26m (say something north of 75%) is indeed non-dilutive. I hope this turns out to be the case.

If the remaining 12m is all raised via a CR (which I now rate as a reasonably possible event based on how things have happened recently and the terrible reputation of Mr Lindsay and the gang. Unlike some here, I have stopped taking whatever they say at face value a long time ago and my baseline assumption for a while now has been that they will almost always under-deliver according to their own promises, unless the evidence points to the contrary, which has not happened). If this happens (all 12m raised by CR), it will be another meh reaction from the market to the sp. Not a disaster per se, but undoubtedly not an extraordinary result. So this case will mean we will have to wait until end of H1 2024 (which again I don't trust them anymore and put my own estimate of Sep/Oct 2024) for first production and revenue to be booked before meaningful, sustained sp re-rate.