Testing previous highs is going to come down to a few things....

Testing previous highs is going to come down to a few things. Reducing capex being the first and by all accounts it seems that the revised figure should be considerably less than previously stated in last years SS.

18c would give us an approx. $220m mcap which would represent ~4-5% of our pre-tax NPV according to my estimates. Certainly seems achievable given BOA's are signed for our iron oxide/titanium product.

To your point, I agree that there's little chance of a run to new highs over pure hype like we experienced last year but a run based off strong fundamentals could certainly see a test of the mid/high teens.

The options play certainly makes things interesting and securing a $40m+ cash runway by mid-next year would certainly put a floor under the share price, even at say 15c KRR EV would be approx $100m.

This is all best-cast scenario talk of course, with substantial risk associated with all of the aforementioned achievements. It's all too easy to type it out on a HC post but TB needs to deliver for any of it to matter.