I still regard SMD as an explorer rather than a near-term...

I still regard SMD as an explorer rather than a near-term producer and not too fussed over its ability to raise finance in the immediate future. Its market cap is very good value for what they have and cash position means they shouldn't have to go looking for funds this side of the GFC. I would expect that if Kalman looked like going into production the market cap would rise accordingly (though they may be better off leaving it in the ground until markets stabilize - unless capex requirements are low).

Another wildcard is the JV with URL over Dronfield, adjoining Kalman to the south. Not much exploration done to date but URL had rock chips up to 3.7% Mo. Given it is a little bit closer to the IVA discovery would think that there may be some additional nearology potential. Wondering if/how these deposits may be connected but haven't found the right map as yet.

Friedland has previously described IVA as an aggregator of land in the region so wouldn't rule him out as an interested party. Just so long as they aren't offering scrip lol.