Yes; in any company in which the management has delay after...

Yes; in any company in which the management has delay after delay the SHs will eventually vote with their feet and sell out. The SP will drop because the opportunity cost of holding something that isn’t productive will get too high.
I’m a big fan of Stef and he’s very approachable, very knowledgeable.
They’ve gone the whole journey from resource discovery to drilling to analysis to building the plant (in the middle of a pandemic!) and rounding up customers.
For some mysterious reason they just haven’t turned it (fully) on and, maddeningly, won’t say why.
The pity now will be, as KK correctly points out, the SP could erode and any gains will be built on a lower base.
Given the delays encountered during Phase 1, I cannot believe Phase 2 would be delivered on time.