I disagree; the PPSA isn't just a formality. It's a major...

I disagree; the PPSA isn't just a formality. It's a major regulatory hurdle that could fundamentally affect the project's estimated value. I recall reading several articles earlier this year suggesting that the Zimbabwean government could end up with 60% of the output or revenue once production begins. If this percentage increases, it could significantly impact earnings and overall profitability. There's no doubt that signing the PPSA will substantially de-risk Invictus and we could see a significant re-rating as risk-averse investors jump back in. However, my point is that it is far more than just a formality.

I suspect the 35 pension funds behind Mangwana Capital will need to see the PPSA completed before we see any investment from private equity.

I was still buying last week, but I think I've hit my threshold until I see some meaningful progress from the company to take this project going forward, been a minute since we've had any news.