The upside would be when heap leach study gets released. To get...

The upside would be when heap leach study gets released. To get HL going you almost have to do either a CR or debt finance. I dont think they will want to rush it anytime soon considering the APG ore is not expected to flow in until 2026. Their goal should be getting this mine running at a constant rate, building up their cash position -> use this cash to debottleneck its processing plant next year so they can sustain their 170koz annual production profile.

Once they can achieve that their SP should be sitting around 60c with some credibility -> by then they can start HL.