Ann: Phase 2 DFS Confirms Tier One Status of HMW Project, page-62

as i have already described in this post ( https://hotcopper.com.au/posts/70139103/ ), i inserted the numbers provided by the dfs studies into a valuation metric and transferred them visually to the chart. please keep always in mind that this is not 100% accurate and/or financial advice.

i have once again shown the dfs1 visually to show you that the market currently only values these expected production level relatively highly. in my opinion this correction would have taken place even without the jv announcement. although not as intense.



if you look at the valuation for dfs 2, you can see that the market has already assumed a similar valuation. with the updated pea for hmw in 2021, the market expected a similar production rate and therefore valued gln differently back then than it does today.



what the sp needs to run north again is a clear statement as to whether financing will be available for both dfs stages. the mgmt should now react fast to make it clear for the market how much of dfs 2 is being financed with dfs 1. i'm not talking about how much is already included in the ~110,000,000 usd for dfs 2, but rather how much of the dfs 1 and 2 capex is now being financed directly.