Agree.. it appears it may not have been understood by the market...

Agree.. it appears it may not have been understood by the market that Vald had personally funded these projects. I see that kind of conviction as very positive, talk about having skin in the game.. and in my opinion it comes across as an ongoing commitment to keep the soi as low as possible.
Basically if the projects are not successful the huge investments made by Vald will not be successful.

it's simply a wait and see game at this stage I think the share price is reflecting that. If the current commitments turn into binding contracts and a clear pathway to production is established, we are looking at a 10x plus opportunity here.. as we have seen retail investors are not willing to gamble on "if's" in the current market conditions.
In my opinion SRN suits the contrarian investors, The perfect risk reward play it just comes down to your appetite for risk..
I rate this company as a strong speculative buy (personal opinion only, not advice)