Think he makes a reasonable point. However, you're also...

Think he makes a reasonable point. However, you're also forgetting option conversion. Holders would of panicked and sold, trapped due to the declining SP governed in party by a lack of news flow and poor market sentiment across the board. I personally think the PFS has been factored in to the SP. Notoriously, they get sold down on news but seeing we've been hammered, it may be a case of it not doing much or it exceeding expectations and winning us over. It's more so a tick on AVLs timeline ..... it is needed to be done so we can progress to negotiations and financing. I wouldn't get too excited YET. The one shine of hope is the base-case. I suspect that was VAs intentions all along to prepare the market for the PFS.