2.6 quarters cash remaining, as we knew, a CR will be needed likely end of Q3.
I'm as confident as I can be having researched this and spoken with the team for a couple of hours in Sydney that once the PFS is out this will have seriously re-rated.
The question for me simply comes down to a game of chicken.... do you stay out knowing that a CR will come, or do you get in because material re-valuation may begin. Now... I'm way down here, but if you were smart enough to get in at 3.2/3.3c last month, you're already 40% up.
Either way, I'd expect a CR end Q3, and I'd expect it to be small ~1-2m max in order to tide them over the PFS publishing and have stable ground to start the DFS. As I say, with a PFS I'd expect material value realisation, and there are funds / sophs that won't invest in projects pre-PFS stage.
SHP Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
