It's a hard one, right. In terms of potential SP catalysts, yeah, resource upgrade/scoping study might do it. But GravityWaves is also correct in that approvals need to follow and that's a real risk.I'm not 100% across what their strategy is. I believe they have existing approvals, and could upgrade the plant and start processing under those approvals*, for early cash flow. But they certainly couldn't expand, I'm not sure about cyanide, dams, etc - so they could stage it for example.
The golden rule of projects is defer capital, bring revenue forward. We'll just have to see what they actually do.
EditEdit: *at low throughput
Ann: High Grade Results at Caledonian Deposit, page-103
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