The oppies expire 20 Sept 2020, so I reckon about 3-6 months of P1 plant in full swing. If the tech works and Mgt stick to the P1 build timeline, what will the SP be in Sept 2020? Even if delays in build, PFS would be favorable (otherwise they wouldn't build) and P1 plant build would be funded, in build phase and ready to go say late 2020. Even in this scenario, the SP would be well above 4.5c. Oppies do look attractive imo if tech is proven.
Ann: Entitlements Offer to Fund New Development and Growth, page-172
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