The Long View - the cycle recovery is on track with $30 plus...

The Long View - the cycle recovery is on track with $30 plus spot 4Q 2019; the DFS is delivered 3Q 2019 on favorable economics and clarity on project financing commences = 2-3c sp over 9 months (on track for 10-20c over 48 months).

The Short View - the cycle recovery is delayed; further material delays in the DFS and/or the economics dont reflect all previous public disclosure; G&A expenses continue to be high for a micro cap = 0.6c sp over 9 months (the cycle spot price will determine sp over 48 months)

Recent events which may create positive momentum:
a) 35% turnover of the shareholder register = new shareholders will likely require increased alignment of interests;
b) new financing options will likely be available assuming the DFS confirms great project economics
c) reduced dilution to fund G&A moving forward

Which outcome are you backing? Are both investment thesis' objective and reasonable?