'Proof' that it works isn't as straight forward as you are...

'Proof' that it works isn't as straight forward as you are thinking (as I tried to explain), so right now I don't believe the company has much to announce - does that mean it doesn't work? No.

As for a re-rate, It's also not like they are proving a new and exciting technology or anything, this is tried and tested stuff. The market has clearly already priced in the fact that this works, otherwise E25 wouldn't be worth $300m+.

It is a massive step for sure and de-risks a lot of the project but from here I think the SP grows more slowly, prove it works is one thing - prove you can do it week on week, month on month is another. As cash flows into the business the SP will reflect that. I have bullish SP targets for E25 but for me successful production is mostly factored in, the big re-rate will be for battery PFS.