@luanbooFirstly, it is a great summary and no doubt many of us do appreciate your postings.
Regarding patience, we are not alone in the lithium field. Lucky for some of us who get into TAW and PLS back in 2015/2016, are still sitting on profits but I understand frustration of people who jump in back in 2017/2018.
Is our current SP associated with A40 performance? My honest opinion is NO.
The merger issues had some investors walking away but I contribute SP more to lithium sentiment than Mark's bold move (as you mentioned) to shortcut all common steps and move into explorer/miner status.
I looked at different scenario like drilling BH and Cowan for 2 years to establish what our LOM would be and wonder what the SP would be if we stay as an explorer at times when lithium price going lower, sentiment not there and finance almost impossible to get unless you are lucky and prepared to pay high for it.
How would we get BH going today and get the miner status?
We do not know, but I believe it was Mark's years of experience which indicated to him that lithium sector could cool down and used the " lithium hype" time to get Burwill commitment. And what a deal it was? INTEREST FREE LOAN !!!!. How many other miners get such deal??
Moving forward, I can see BOD getting ready for the next lithium boom. According to many, it could start later this year or in 2020.
By that time (and that's only months away) we should have at last one additional quality offtaker, commissioning of fines, small loan, regular sales and hopefully good results from Q2 drilling campaign.
I rather invest in company which is showing restrain in borrowings and constant cheap CR to sophs and going at smaller pace with income supporting future development.
Patience is what makes good investing, accumulating now is IMO winning card.
Will A40 outperform other lithium peers? Hard to say but I can see lots of "good business management" signs to believe it will.