The Rights issue was a great chance for holders to get fully...

The Rights issue was a great chance for holders to get fully positioned at a great price with options attached.

Now the post raise period is playing out as shares are worked through for small pips - looking at demand vs supply I don’t think it will last long.

We know from peers that when this moves it will move fast. This will happen we progress to DFS and decision at the end of the year. The news between now and then along with macro green steel factors and hopefully the increasing price of IO should de risk in the markets eyes as the penny drops it will go ahead and be very profitable.

From there we will be looking at the increasing SP as a % of NPV as we wait for construction and find ourselves smiling when we remember we got the chance to complete our position at 2.5c

Thats my take on how it will play out