the money has to be there for a large raise. Mei had to do a...

the money has to be there for a large raise. Mei had to do a significant raise for the next phase - this would have been based entirely on the scoping study.
An npv at 51 usd per kg giving 16 million usd and an npv at 111 usd per kg giving 699 million usd meant the mc at all time highs was already at 3/4 of the assumed valuation at the 111 usd forecast and at a significant discount at the current spot price of 51 usd per kg.
Hence the market is now getting the Mei valuation to what is determine as an appropriate valuation considering the stage MEI is in. A scoping study has the lowest probability and I believe MEI will have identified where it needs to improve -
1. improvements in recoveries and VMM announcing progress with increased PH will directly benefit MEI.
2. Focus on the >4000 ppm feed for as muvh of the LOM. It already has 36Mt at Capao do Mel Measured and indicated. It had an overall 115 Mt inferred resource at 4072 ppm TREO and 27% mreo. So we just need to convert as much and discover more high grade feed.

I believe there is significant improvement in MEI and a few tweaks will have an immediate impact. However, institutions are not as speculative as the retail investor and the moment they looked at the Npv, even factoring in the forecast price, they have deemed there had to be a discount for them to partake in the large raise. O one in Mei is to blame - they were a victim of the initial success and expectation along with the sudden drop in ree prices to multi year lows.
so Mei has a clear focus on what it has to achieve and I believe they can achieve what is required. It is why I constantly state a merger between Vmm and Mei is logical as we instantly have a merged entity that could deliver the high grade greater than 4000 ppm for the lom. This will make this significantly attractive again to investors. Both companies together imo bring amazing synergies.