The quality of the resource at 2.2% does still not justify the...

The quality of the resource at 2.2% does still not justify the 26:1 sp ratio, with half the shares on offer and more than twice the debt required.
POS with 1.8% and higher grade areas still not included in current resource model at 10c has MC of $41 million. There's over $58 million in infrastructure already plus $96 million already invested in refurbishment and power stations, living quarters etc.
So SIR has half the registry, twice the debt and twice the resource at present, so twice the cashflow to service those debts is required, so the 26:1 sp ratio is still OK by you?
Don't worry about a 10c company with brownfields and greenfield operations and existing mines obtaining a piddly $200 million funding as all nickel plays are waiting for next years foreseen improved nickel market to drop the hammer and move forward including SIR. It's all a waiting game at present. Share price of POS some years ago was $1.80+ with twice the registry and half the resource (2 for 1 split occurred), $3.60 equivalent pricing today. So current sp means jack mate. Once its producing and all expenses and debts are funded and cashflow is produced then the company can be said to be worth the money it trades not because its a speccie with resource in the ground.