Sure, all logical and probably very true.
But we've all seen plenty of high quality boards run a share price into the ground. Its about exploration success and raising capital <2c.
Unless the FLEM holes start hitting some width HLX is likely downgrading Collerina and circling back on other projects... Mundarlo? Which means a new story for new capital and that takes time and discounts.
It can get ugly very quickly.
Sandfire, page-10
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