I can see why the IPO is off the table at the moment. CAI...

I can see why the IPO is off the table at the moment.
CAI putting in $2M for 10M shares means Pirra SP pre IPO is 20¢.

When I work the numbers backwards I get a pre IPO valuation for Pirra of $15M
(SGM paid $2.5M to HAO for 15M shares and is putting in another $3M to end up with 40% .... refer to this post from @quietinvestor69 on the HAO page https://hotcopper.com.au/posts/70476975/single )

All up CAI's 40% is currently valued at $6M which is unders IMO.

With $5M about to go into exploration of course it's better to wait.