My personal opinion is this project has been de-risked to a...

My personal opinion is this project has been de-risked to a point now where on stage 1 stand alone is broadly where the market cap should be.
There are some questions we would all like answers to at some stage, but they are rounding errors.
We know they are delivering 30-35%. More definitive would be good, but given stage of ramp-up and tweeks still being made, not that important.
It would be nice to know exactly what they are being paid. We think we know 32% Manga is @US$5, plus credits on top, but we don't actually know what pricing is.
So from a company perspective stage 1 is looking good. Some unanswered questions, but all good.

From a s/p perspective. there is market risk, and lots of miners and battery materials have had a rough week or 2. Just look at GXY. 5 days, -16%.
There is also ASX punter risk. Its not going up, I don't want to play anymore. Its not moving, I am bored. There is another share that's doing better than mine. Its gone down 5 days in a row so I am out. Its broken its moving average. You will have heard them all.
It is here the most angst is caused.

I also have a fair amount of skin in the game, and dislike days like today, and most of last week as much as anybody else.
Doesn't change what I do.
Project up and running.
Cashflow starting.
Production going to triple.
PFS on high purity Manga imminent.

I don't enjoy it, nobody does. I personally don't think there is any rational reason to question your investment here. It may not be the best punt at the moment, but it is a bloody good investment! It may take information flow of production tripling, or PFS on HPMSM to really get things moving again, but we know its coming. Others don't!!