What’s the value drive to push this up? Theoretically, as it is...

What’s the value drive to push this up? Theoretically, as it is a going concern, it should trade at less than cash, since the cash is going to be spent. The only way to increase EV is therefore if each dollar spent adds more than a dollar’s worth of value.

Given that this is a very low grade deposit, and the WA domestic market only needs about 40,000 tonnes per annum of potash, the only way this expenditure can be value accretive is if Trigg beats all of the other players to market, that means developing to production faster than KLL, RWD, SO4 etc. Doesn’t look likely, this one’s a hard pass for me. My expected return looks better at the roulette wheel.