I've been buying the last week and agree with the...

I've been buying the last week and agree with the undervaluation.

The 80M significantly de-risks the project moving forward. additionally it bolsters the likelihood of securing offtakes and further equity funding.

IMV the only factor that can be playing on investors minds is cash on hand. It's my understanding that the 80M is not for working capital and thus a CR of some capacity should be expected.

That said with the low SOI - and the 80M in funding it would not be obtuse to see a CR at parity or even a premium. High volume stock typically get discounts to S/P to as an incentive to invest as opposed to buying on market. with FYI very low SOI and liquidity, it's not that feasible for someone to take a large position without drastically pushing the S/P.

Whilst DFS/PFS figures should not be taken as a concrete evaluation for the current value of the project it does demonstrate the potential. In my experience, there are often DFS's which show extremely positive economic upside to a companies valuation. though many - never secure the capex/offtake to proceed. This is why the 80M is ultra critical IMV as it demonstrates to the wider market that this is actually good enough to warrant the capex investment.

Some good comparisons had between some peers as well along with their MC's. FYI further ahead in the development pathway to some yet trading at a fraction of the price.

One of my most exciting spec investments currently - Might be soft in the current market but extremely under-valued and if offtakes and further equity is secured... lookout.

SF2TH