Ann: Renard Project Update, page-185

I bought in just after the IPO listed, and accumulated early on during the first period of volatility.
Also, not sold a single share.

The destination is not limited to our previous highs, or a ravine that exists in the mind of the despondent.
It is what is at the end of our train tracks.

The developer with high efficiency capital to discovery, and additionally now an option on a fast forward pass to development risk with Capex, approvals, and Finance.

The markets bet on cycles. The industry is growing, and just a single hiccup can throw the entire supply curve into deficient when demand it continuing to expand.

Many of our peers have their own challenges come finance risk. Whose runway is most clear of obstacles ?
And relative valuations we are a fraction of our peers, hence the most buoyancy implied.

Only the one that delivers the development, and retains it, can be given full weight of its prize.
When those who eventually are revealed to be incomplete, fatal flawed, will decay.

At 108m mc presently, we have the greater multiple reward payday at destination than many, and IMO the lowest risk of being stranded. That discount, is the opportunity of the bet.