Investing2 Apr 2026 14:27
I understand why people are frustrated. The timeline has clearly slipped and the placing at 0.065 has damaged confidence, particularly given the expectations set around funding. That criticism is fair.
At the same time, I think it is important not to lose sight of what has actually been achieved over the past year. The company has moved from having very limited resources to advancing a project with a processing plant in place, contracts awarded, engineering completed and site activity underway. That is not theoretical progress, it is tangible.
The key issue now is not whether the story exists, but whether management can execute the final step. The latest update stated that due diligence has been completed and documentation is at an advanced stage. If that is accurate, then this is no longer early stage negotiation, it is the closing phase of the deal.
The recent fundraise has clearly shaken confidence, but it looks more like short term bridging capital than a replacement for the main facility. If funding had fallen away entirely, a much larger raise would likely have been required.
In my view the situation is now very simple. Either the financing is completed in the near term, in which case the current valuation likely reflects excessive doubt and sentiment can reverse quickly, or it is delayed again, in which case the scepticism we are seeing now becomes justified.
This is no longer about trusting management, it is about waiting for delivery. The market is clearly in a show me phase, and the next update will determine the direction from here.
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