A decent SOP project with expansion prospects that becomes...

A decent SOP project with expansion prospects that becomes attractive for finance in the market can definitely raise capital with EVs well in excess of $200M, was close to happening with a few companies about 10 years back. The reason has not changed, the SOP market is well controlled with resultant strong stable pricing and there is no pure listed leverage for investors. Given the long mine life and sector a PE closer to 20 than 10 would not look out of place.

For what its worth the suckers who financed HFR will likely be well rewarded with a bidding war once they finally get approvals imo. Market is responding to DNK (again) with market cap of $150M, 50% interest and the fact it will always trade at a discount given location. Puts 100% project value around $300M pre finance, hate to think what it would be trading at in another location....