Ann: Expiration of Unlisted Options, page-6

If you attribute the SP to the perception of management and the relative progress then you are correct but based on the balance of the project then RWD is undervalued.

There is a real danger that global SOP supply could go into oversupply, just look at the number of players in Australia.
If RWD doesn't get its a into gear (if that is possible) then it will miss out and that would have been almost impossible to believe if you think back to its peak and the $2 plus SP.

Compass Minerals has reported some price pressure but still anticipate prices of US$615-650/t so there is still plenty of fat in the game.
If it takes as long to act on the FS as it has taken to get this far then we might as well forget it.