"but the variables you talk about simply dictate the level of...

"but the variables you talk about simply dictate the level of discount apllied to any valuation that the market puts on any of MNB'S (or any other company's) projects." - yes for now, except for a potential credit crunch (a tightening of credit given out by banks to retail and corporate lenders), which may or may not happen anytime soon. Markets are also holding their breath on banks' earnings, which will set a tone on the likelihood of anyone/anything getting funded in the short/medium term. MNB isn't impervious to that, in fact, it is extremely sensitive to funding, hence something to watch out for as well regarding the other big projects that it is having in the pipeline (very promising on paper, yes, but not everything that is promising on paper will have funding).

Given how close we are to the final production, I think we should be able to see what we all want to see (of course as a holder, myself included, even if my conservatism doesn't sound pleasing to most): a strong re-rate within the next 3-6 months (or whenever MNB drops the news about the crucial 2 outstanding factors). Once MNB successfully delivers this critical project, only then will the stars start to align.