The PPSA looms large but this seems awfully pessimistic. They aren’t *that* far off from being able to apply for non-dilutive financing. And if it’s reasonable to suggest that exploration success begets further success (which it is and it does) then momentum can and should easily swing back into Invictus’ corner as it continues to put Tcf on the board. Every fresh discovery is another step towards non-dilutive financing/a bigger, more valuable JV.
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