The real BIG RED FLAG is the mine build and associated capex (power, infrastructure).
20 months is a big ask to get built and commissioned, and to name plate well that’s a whole different story.
Even the engineers have told NF the build is 24 months (stated at a bulls n bears function on video).
Both AJM and PLS got the build done and first concentrate shipped (8kt for PLS 17months). But they struggled for months after to get to nameplate and cost over runs galore.
This company is priced accordingly because there are huge risks involved trying to do in Africa what Australians struggle to get done in what is essentially the resource mining capital of the world. WA.