The various licenses allow them to prepare for, say, research...

The various licenses allow them to prepare for, say, research projects, sourcing of materials, signing of MoU's for supply deals and whatever else to which the license pertains. It should take some weeks or months for those to be ready in order to apply for specific permits. It could see the SP fall a bit but I'm not going to muck around trying to squeeze a bit more out of it at this stage. Buying more if it dips back to 45c.