You said you have followed so4 for a longtime. But you don’t even study the financing info of it. The last thing for me toworry about is a CR before or a long while after production which is prettyclose.
You mentioned not all Aus sop projects havehad the same hurdle. It shows you lack info in this segment. Kll, the onlyproject to start soon with so4, had a 60,000,000 capital blowout, with SP more thanhalved to 0.13, last year. Of course, Apc and AMN will need to raise hugeamounts of money before they will start to build facilities. Of course, theydon’t have troubles at the moment.
You mentioned RWD. Let’s see what happenedand what will happen?
Production-wise: RWD completed acquisitionof lake disappointment on 11/Oct/2012, a decade ago. How much capital has itburnt on pay or the other costs in ten years? How much more capital will RWDraise to sustain its survival with or without production in another decade? Incontrast, Blackham sold lake way tenements to so4 on 23/07/2019. It has taken threeyears for so4 to get financing, build a facility, and get to the stage ofremoving production hurdles now, and it will take another couple of weeks tostart production. In contrast, it took ten years for RWD to proceed with thepreparation stage, not to mention it will take another five or even ten years forRWD to raise and burn cash with or without the prospect of building a facility.
SP-wise: Easy Come, Easy Go: How RewardMinerals (ASX:RWD) Shareholders Got Unlucky And Saw 88% Of Their Cash Evaporate.From 2015 to date, sp of RWD has gone all the way down from about 0.80 to 0.14with a far, far cry from production. In the meantime, after the latest CR, Spof so4 went from 0.05 to 0.33 with a peak at 0.90 in 2019. However, so4 willsee its production in a couple of weeks. The ludicrous thing is that so4 hasbeen bombarded with a fast track approach by some people every day. Maybe, itwould have been sensible for Tony to sit back in a comfy executive chair with afat pay check every month and delay building a production facility until thenext decade.
AnythingI say is just my opinion and never advice. 
