The problem is that without financing SDL dont really hold that...

The problem is that without financing SDL dont really hold that many cards.

There is no way to appropriate value a company such as SDL because the cost of capital is completely unknown. When the market cap is 300 odd million but the required capital is in the billions any equity raise would destroy any value that current holders have. Any C/N debt deal linked to the current SP would also completely destroy any shareholder value. I hope that they J/V with a company, keep operational control of the site and have the J/V 'pay' for their share from SDL by fully funding the project through to development.

The bright side is that if the mine does get up and running it will be making billions a year, the question is, what % of the profits will go to the current equity holders of SDL in its current form. Without any favourable funding options mapped out currently there is the risk it will only be a small %.

I would contend that, at current prices, even if it was a tiny % retained by current SDL equity holders, at 7.5ish you cant really go wrong.

What I would say, is that if SDL does get some great faourable financing package this would explode faster than a cat with a firecracker.