If I was Alex I would be worried about G1A getting a lowball TO...

If I was Alex I would be worried about G1A getting a lowball TO bid sometime in the next 12 months. The faster they can move the less time it gives a predator to organise a bid while the SP is low. We are most at risk after the DFS is released and before the finance is signed off.

The way to minimise this risk is to find a cornerstone investor who wants access to the off-take. A cornerstone investor taking a 20% position that provides the equity to build would go a long way to unlocking the true value of G1A for the shareholders.