That’s one perspective and you could be right. It’s glass half...

That’s one perspective and you could be right. It’s glass half full view.

Another view is that the company have raised capital from investors at 16c, and they have seen that value destroyed by 50% and recovery or growth now hinges on a one in four chance of rolling the dice. I think the SP will fall further with a disappointing result, be amazed if it didn’t with only $11m left in kitty and risk of having to raise at low prices.

Longer term I agree, Rafael should put a floor on price, but assets and value can be destroyed by poor management deals and execution. I have first hand experience of this with Far whose incompetence in legal issues and funding deals lost investors over 90%+ of their money despite sitting on over 100million barrels of oil (their share alone).

I’m yet to be convinced this team have demonstrated the skills necessary to unlock commercialisation of Rafael with partners, funding and cash flow.
That’s glass half empty view.