You can speculate on the SP. But it is sort of meaningless, as...

You can speculate on the SP. But it is sort of meaningless, as the market does what it does.

The key thing is to evaluate after the DFS and see how it corresponds with the current MC and where you think it will go short, medium and long term.

The wider market conditions will have an influence on the SP. If you take Vulcan, a company which still has not released a DFS, the market pushed the MC well above 1 billion. I would argue that QPM are subjectively more advanced.

The critical thing is getting the DFS completed and then looking to financing in 2023. I am personally only interested in the SP when I sell a position, so I will leave the speculative estimates alone at this point.