retail investors often look at the potential of a company often...

You may be right - I was a bit surprised by the comment as there was not a TO bid.

retail investors often look at the potential of a company often via rose coloured glasses and ignore the risks involved - in SPR’s there are lots of unknowns ie major risks that may be negative (eg size of MRE in 1 year, 3 years, what will the reserve be in 2 years, AISC, cost of restarting, will there be another NN/Pepper below WW and other deposits. NN may finish at 1,050m, Pepper at 650m).

These are major risks and any acquirer will include a significant for these risks and reduce the value of SPR.

As the numbers for all these matters emerge over time, if the facts are favourable, the SPR will respond positively.