HI DG, I make no comment on what it's like as an investment,...

HI DG, I make no comment on what it's like as an investment, some have likely made good money on it as an investment.

But three fundamental issues for you in my opinion.

1. SpG selling prices vs those used in the DFS
2. flake size distribution heavily orientated to small flake results in low basket price and low margins for mine as stand alone
3. Low grade stockpiling.

In my opinion the company has clearly stated they need a price, so they seem well aware of issue 1, they have also changed/modified process to try and improve larger flake retention as much as possible though unfortunately didn't provide any actual results on flake size distribution from recent bulk testing. But even if successful still heavy orientation to the less valuable smaller flake.

A lot of the other discussion is on people's views on macro issues and how they may impact, I guess as people hope for a resolution to issue 1 eg by tariffs, Govt reserve schemes, Synthetic substitution etc. But the difference in prices seems very significant and their sensitivity analysis shows that SpG price is one of the major project sensitivities so not sure why people get upset over it given company announcements on the subject.

Hope that helps.