It gapped down because it wasn’t actually fully funded as previously announced in August and required another significant cap raise.
The cap raise was in part to deal with anticipated future cash flow problems (ramp up) arising from a lack of environmental approvals and subsequent delays.
The previous downtrend was a result of questions over the finance and approvals on the back of low SOP prices, a rising AU$ and the usual orphan phase of mine development.
The TA reflected the underlying fundamentals and one didn’t need to do too much research to join the dots.
The anticipated delays, SOP prices and rising $ (both significantly moved away from DFS) along with concerns over plant commissioning are all headwinds. There is also the question of management credibility based on what they have said in the past.
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