RWD / APC, page-3

Agree.
APC has:
DFS
Offtakes
NAIF due diligence in progress
In discussion with Australian Export Credit agency & commercial lenders

They also have the self promotion such as the "K-Brite" product branding and the slightly dubious environmental claims which appear to completely disregard shipping MOP half way around the world to enable 1/3 of their annual output.
The DFS uses a sector high SOP price and sector low exchange rate from memory, so the current project valuation is actually some way below the optimistic DFS. Of course they don't need to bring this to investors attention.
They have 2 outstanding mining leases and a disgruntled Native Title claimant to deal with. It is interesting that back in 2017 they supposedly had all the leases in place and they didn't have to deal with NT. They appear to have forgotten to apply for the lease over their on-playa ponds back in 2017, not very clever! It is clear from the last 2 quarterlies that the leases are under application but their presentations have gone from stating all leases in place/no NT to deal with to completely leaving this commentary out.

Their supporters on HC appear to think their MC should be chasing that of SO4 rather than KLL and the RWD valuation is completely irrelevant to their own valuation despite RWD being fully approved and a significantly larger project.

Of course the RWD valuation is also out of whack with AMN. RWD is almost priced as if it will inevitably fail despite having approvals and a very conservative PFS. Unfortunately it is likely to be further pushed into the shadows as SO4 & KLL start production and APC inevitably secures finance.

I don't think the last quarterly did much to encourage potential investors, they either aren't telling the market about anything that isn't concrete or they simply aren't doing very much. My personal feeling is that the former is more likely to be the case.