That is a likely potential scenario but I dare suggest the...

That is a likely potential scenario but I dare suggest the market IMO is pricing in greater production itself than the PFS itself. The embedded post of mine referred in your post essentially indicates the current SP reflects the EPS and P/E 20 outcomes of the 'wet' process sales as if ADN is in production and has met the PFS costings/pricing in production - within that post is another embedded post showing EPS and P/E outcoms of PFS profit been met in production.

Without capex been installed and production yet to start here, it would appear too me the market is pricing in the now i.) +90% certainty the project will proceed and meet timelines to production, ii.) that PFS pricing variables will be met (as well as costings given mining here is ineffect akin to a quarrying operation and iii.) most importantly to me an increased project configuration to the PFS itself. If we step back and look at current SP it is at a SP that reflects P/E20 PFS outcomes as if ADN is a producer already in production and nominal profit met per year, so implies too me market is pricing in greater production targets, with the market speculating what they may be.

If I recall the latest binding offtake appears to also be that Japanese entity moving from DSO purchases in its previous LOI to now 'wet' product. Just guessing, but could be wrong in this guess.

All IMO MO