I think since MIN sold and dragged the price to $2.00 the market...

I think since MIN sold and dragged the price to $2.00 the market has been content to keep DVP in a broad $2.20-2.50 range. MC in the range of $530m-$600m implies a full valuation of $300m for mining services and approx. 25-30% of the undeveloped mining assets. I can't see any dead hand or suspect trading, just machine driven range trading with no bias. Why? Because we have no confirmation of development or time lines. Simples.

A couple of points which have become a bit clearer since last weeks presentation-
- BB continues to stress no equity raise dilution.
- Finance - WL re-start plus Orion payment plus working capital could be up to $100m. BB says very strong interest from across the board.
- BB indicated a preference to deal with a major trader for the offtake. A few years ago Traf offered AUD100m offtake linked finance on SS and I'd expect that this package is back on the table with better terms.
- Running a process for both offtake and finance, so Offtake terms can be benchmarked against finance terms and Traf would sharpen their pencil.
- I do not see any scenario where we can't achieve an aggressive offtake and finance package either from one party or split out.
- Strategic equity - BB mentioned 20% and NPV several times. Assuming the interest is coming after base metals and not Li, than the cheque could be in the region of $130m for WL or ~$200m for WL + SS. I cannot see BB selling any project equity for $50m or anything less than the last published NPV's, which is using a price deck significantly lower than spot.
- BB said he would accelerate SS with a big cheque. Site access, clearing, camp, water bores, decline, and associated mining infrastructure could easily chew up $100m and put us on fast track to production at SS.
- Timing in July - Offtake and finance locked away with a start date for WL CAPEX spend. Markets are forward looking, and 6mths to first production is not a long time with processing infrastructure already in place. Mkt to add another 50-60% of WL NPV to the share price = $325m. SP +$3.50. Could be up to $4 if MAC mining contract announced.
- Further re-rates later in the year associated with PD mining, strategic equity and potential early development at SS.

In summary, range trading until WL restart is announced, then BOOM. Then BOOM. Then BOOM.