I agree with your sentiment. But IMO the risk versus reward...

I agree with your sentiment. But IMO the risk versus reward factor is heavily mispriced at this market capitalisation.

Of course finance could dilute current investors upwards of 50%. That'd suck. But there's still returns to be had even if this eventuates.

And of course the underlying commodity could crash. Whilst I believe a pull-back is reasonable to expect, it's highly unlikely to see copper return to sub $3/lb.

And finally, construction could blow out and require an additional money, or just simply take additional months. Perhaps there's record rainfall which causes major flooding. All within the realm of possibility.

But when you run the maths and assume +50% dilution + options ( $200m MC)... And assume a copper price of $3.50/lb.. That's still $48.7m per year in revenue. This should still achieve a 100% return on investment, running a pretty bearish scenario.

This completely ignores any bullish upside regarding further mine developments; ignores the sulphides; ignores better financing terms; and ignores the underlying market conditions primed for increased copper prices.