Everyone's level of risk taking as well as perception of that...

Everyone's level of risk taking as well as perception of that risk is widely varying.
I'm sure @polskafc meant that it more de-risked in comparison to other mineral sands producers, or maybe in comparison to where it was 4-5 months ago? who knows. But his statement is not incorrect.

To me personally, this project is far from de-risked. Even Strandline Resources which is currently producing HMC under commission mode, is not sufficiently de-risked IMHO - and I do own shares in that company.

Sticking to the topic of SFX, here are the major risks I perceive (and yes, I own shares in SFX):
(1) Cost blowouts and lack of man power due to real potential for COVID waves to blow out.
(2) Higher than expected strip ratios, though in fairness, this can be preempted by grade control drilling.
(3) Construction accidents - will almost always result in closure of the construction site and delays/cost blowouts.
(4) Commissioning issue - this is a real biggy, but is not as much of a risk as say a chemical processing plant.

I keep my fingers and toes crossed that none of the above points eventuate, but you can clearly see why most instos would never touch this stock until it is actually producing a positive cumulative FCF.

We retail holders are like leaves blowing in the wind - we do not influence SP at all - its big money buying that raises prices on huge volumes.