Exactly 100% correct. Many (un)educated traders/investors purely...

Exactly 100% correct. Many (un)educated traders/investors purely focus on grade and resource as being king. While they obviously help, having a proven chemical process is what is truly king as like you say without it you dont have any value add and only a resource to sell or alternative is to buy an expensive process off someone else.

IMO JZ is very smart not using limited funds to drill deeper. He drilled just enough to prove up what he needed for the PEA and knows if required he can always drill down to 400m like these other companies to add significantly more resource to our current JORC. In not doing so he has saved funds to build the all important ponds and industrial scale pilot plant to prove to the world that Pablo's process not only works and is commercially viable, despite all the naysayers saying it couldn't be done due to the high Mg, but it is also extremely profitable as well with a massive IRR of 53% and a pay back period on capital of just 2.1 years. I really dont think many investors realise the significance of this IRR. JZ sees it as a race to production and getting the funds for stage 3 is what he is rightly IMO focused on at the moment. Once we are there then funds will become available to buy extra land and drill deeper to prove up the bigger resource that we all know is under Rincon.