Ann: Investor Presentation - First SOP Production and Update, page-3

Indeed.

Everyone knows it's coming, but gee, this is rather likely to stop any re-rate dead in it's tracks.
Said it before, i'm sure it's in the long term interests of the company but the timing of this from a S/H point of view sucks... they could have at least given this a couple of weeks to ride the news hype and possibly bring up the VWAP and lower the dilution.

Anyway, in production, will just take pleasure in the de-risking and mcap being lower than capex.