The main reason I bought in Friday morning on/near open is...

The main reason I bought in Friday morning on/near open is because of your second point.

I get that there is sovereign risk and technical/operational risks getting this up and running (even if it's a very simple operation, but there is still some risk it doesn't go to plan). But assuming the company can deliver on this over the next 12 months, I feel like buying today is essentially buying at cash backing so to speak. With several other known targets to explore, this could very easily turn into a several year mining operation. The ability to prove they can get it done in this country could very likely open up avenues to explore other opportunities in country (again, all things going well).

There are so many company's out there that time and time again have jumped for joy at rock chip samples only for the drill bit to majorly disappoint. I'm more than happy to take on this set of risks here as you know that there is something in the ground that can be turned into cash in the short term and physical progress is currently being made to achieve this. SL1 isn't relying on the drill bit nearly as much (plus all that follows) to get the project up and running. Many of these explorers/developers are in not so safe areas anyway or require massive capex to proceed.

I'm not going to say this will race to 10c+, but feel an entry in the very low 3's provides value. Plenty of escrow selling should have been churned already (especially Friday) and there isn't too much to be released in the next lot soon.

This company isn't without risk, but it's a set of risks I feel much more comfortable with compared to many other explorers around this value.