One thing that's different now compared to this time last year...

One thing that's different now compared to this time last year all the way through until June is the exercise of options, for the obvious reason that it's not worth it. So as you say, there's no income to be expected from them anymore unless something big occurs to elevate the current valuation. If that's the ploy, it's risky business as the market has seen through the need for cash here and punished it accordingly.

Then we come to the amount... I was expecting $10m CR, because my notes from the investor call in August were that we'd need a total of $20m to see us through environmental and legal processes, plus the full completion of the DFS. Clearly at current market cap going for that much money would be ludicrous, it's basically 1:1 MC to CR.

But to only go for 1/10th our MC, about 1/8th of the money needed over the next 30 months, that is a suprise, and at small dilution.

I've done enough speculating with the amount of money I have in here, but I can only wonder. Did potash finally become a government focus? Are there funds available to help to accelerate aspects of national security, including the food and fertiliser industry? Or as suggested above, are management making (another) bold call