"I get that this is a long play, but a pretty disappointing 12...

"I get that this is a long play, but a pretty disappointing 12 months in regards to SP movement considering the progress that's been made internally"

You could say that - but it depends on which lens you are looking through. The EMV share price had an incredible run from Mar 2020 to the end of the year. You could say that much of the anticipated 'progress' of 2021 and perhaps much of 2022 was built into the 2020 year-end price with the requirement for a lengthy period of consolidation. Which is what we have seen this year.

But it is certain that if the trials are successful and both the Gen 1 and Gen 2 devices are commercialised, this will be a $1B+ company. And this value will be anticipated by the market - just as the positive outcomes of the pilot trials and the MRFF grant were anticipated by the market during 2020.

The question that no-one knows the answer to is when this re-rating will occur.

If current holders get impatient - and there are no immediate catalysts for new investors - the price may drift down. If current holders remain patient and stay holding, the SP will drift up and at some stage - if positive progress continues - will surge.

Who will risk being out when that happens? Not I!