@SwiftySX and @Cookiemycat - I think both of you are correct,...

@SwiftySX and @Cookiemycat - I think both of you are correct, though in slightly different ways.
Lets start with SwiftySX:
Swifty is absolutely right in stating that due to the higher interest rate headwinds, CPAEX funding for junior miners is a complex issue. I have personally seen some companies that have an post-tax NPV (@8% WACC) of close to 1.3 billion, get finance that is very risk weighted. In other words, the lender wanted a crazy rate of 12% or so along with 2% royalties over the next 10 years of production. Unfortunately, the current macro-economic situation allows crazy terms like this. From the lenders viewpoint, they need to de-risk the finance to the nth degree, and from the miner's perspective, any finance is good finance in this environment.
Siwfty also qualifies the statement further by stating that elevation of price is one aspect, but sustaining that price is quite another. In today's risk averse market, there will be a lot of traders who would merely sell the news and get out of HVY. Under these conditions, its hard to sustain an elevated price.

On to Cookie:
Cookie's statement is accurate from a long term perspective. If the company has the correct NPV and the CAPEX is small enough (which we believe it is based on competitors nearby), we will generate a decent enough FCF that should automatically trickle down to the share price. Understandably, this would take time, perhaps another 2-3 years of studies, testing, converting resources to reserves, environmental studies, PFS, DFS/BFS, offtakes, finance and finally FID and construction.
All these stages are significant de-risking events for the company and in time, investors will be drawn towards this company for its ability to generate decent returns for investors.
I'm one of those people who prefer a steady trickle of dividends instead of the ups and down of share capital growth - each one to their own.

So, I think we can both agree that HVY is on the right track and has the right management to take it to its ultimate conclusion. Based on what I have seen so far, I am a firm believer in this management.

Onwards and upwards !