I don't understand KLL market cap, close to being in production...

I don't understand KLL market cap, close to being in production and bullish sentiment in Potash especially SOP why is it at half of its late 2019 price? The capital raise they did in 2020 @15 cents a share, did that dilute share ownership so much that 49 cents in 2019 is like 20 cents now? Also I have been not buying up anything this week and accumulating bit of cash incase a correction but my view with KLL is even if market goes through a rough patch KLL gets closer every day to production and profit so every day that goes on value of KLL should increase? At these prices its hard not to accumulate its at my current price. Furthermore what's a realistic price target, my thinking was at least 35 cents when we are in production and if second phase can be funded from profits potentially 60 cents by 2023? Anyone else have any realistic price targets? (I am a uni student and KLL is by far my biggest position so as much has I would love to see it go to 1$ dont see how its possible)