Wednesday Outlook, page-28

Yeah once there is more derisking for the instos (significant outcomes in phase 3) or contracts established overseas should see this at a market cap of 500m(minimum).

Also nothing goes up in a straight line. But look at how it has performed - says it all. Consolidation will happen regardless before there is more derisking.

As you mentioned its the phase 3 outcomes that will shed some light on where this is headed.

But the reality is that does all depend on how significant the outcomes are.
From stage 2 outcomes its looking very good.