I expect the big end of town are selling up for participation in the upcoming CR.
Maybe mineralised has been asked to participate?
The quarterly showed cash was needed before end of this quarter.
With a claimed base case NPV of ~$150M (plenty upside but not locked in) and no project finance locked in, account for 15% dilution in upcoming raise and a MC of $70M post raise, it could be argued it’s priced fairly at the moment until some milestones are ticked.
It could also be argued $100M is fairly priced due to the very low cobalt price in FS though.
