Ann: Phase 1 drilling program commences at CODA, page-260

what some investors don’t appear to realize is no company can be truly assessed until it reaches production. In the meantime we are all speculating on which combination of metrics at different phases of exploration and development will provide the greater prospect of delivering a viable project. REE is notoriously difficult and in such a market where obviously the market recognizes that whilst REE is critical, it is the composition of the deposit that is critical. However, nothing is proven until we reach actual commercial production and even then the sheer scale required will bring a different set of challenges.
so at the current mc of Env and the potential to make an exciting discovery, the risk reward is high. Now will Env uncover a deposit that will be a world class asset - if it produces actual drill results that come similar ir better than eqn with IAC nature of deposit proven, this will move the sp in the short term. Now to sustain it will require everything else from Mets to nature of studies to progress.