Before the open on the day of the TH there was virtually nothing...

Before the open on the day of the TH there was virtually nothing for sale. No wonder it ran and not on that much volume. Yes, the momentum stopped once the TH was put in place. Bad actor? However there is still less that 200,000 share on screen below $2. You cant keep a good thing down. Especially if there is a competitive process which will tend to focus on risk adjusted NPV rather than an arbitary 30% premium from a single bidder.

What could keep us under $2.50 on the open market, assuming it does run hard pre or post any ANN is the 10.7M warrants that have a circa 10% dilutive effect on the SOI. These warrants expiry in Jan 2024 and the execution price will likely act as lid on SP until they expire. RR and co will want a SP or offer as high as possible above $2.50, as they want a win on those free warrants that they need to pay $2.50 for to own prior to Jan 24. RR will want this to play out for much longer to add much more value. This is what makes the Royalty/JV strategy most likely unless a fair, risk adjusted NPV offer hits the table now prior to FID.

Don't underestimate the power of RR consortium to block a potential low ball 30% premium takeover offer by GC or anyone else. They/we only need 11% to thwart compulsory acquisition. RR has a seat at the table with 9.5-9.9% (+friendly & aligned Shareholders). This is not a coincidence, it's an insurance policy to make sure they (and coincidentally us) don't get ripped off.

Ask yourself what RR's risk adjusted SP targets are, also adjusted for higher Copper prices. They will not allow a takeover until copper runs and nor should they. We actually want this to take as long as it takes so Copper has the chance to runs. Between now and FID we have the oportunity to add lots of value, reduce risk and multiply SP with Alpha + Beta, post any recession. Hopefully we can fund build the mine and participate all the way to the land of OZ.

Hold the line.

My opinions only, not financial advice.