There is a big difference between supply from Dukas and...

There is a big difference between supply from Dukas and de-risked confirmation that there is supply available in the future from Dukas.

I'd like to think the recent valuation updates have provided a firmer floor to the share price, but either an overall or a sector shock could ruin that in a heartbeat. That said, you would assume those who recently bought in would be less willing to sell for a loss (yet) so the SP should stay higher than 17 cents going forward (unless bad news starts coming in).

I would like to think that we could start being in the 22-28 cent range by the end of the year if they keep ticking the right boxes.

Thereafter it's all down to exploration success. Dukas excels and the sky is the limit. Range converts majority of 2C to 2P and we could be in the 30s. Market starts recognizing cash flow and debt reduction should add some value.

Have to admit our downside is looking a whole lot less these days. But then again, I'm a bit of an optimist (perhaps not the biggest on HC however).