SBK,
For me personally, I'm looking to validate the following:
- Metallurgy results of each resource.
- Production per year estimates of each metal.
- Operating margin assumptions.
- CAPEX assumptions.
After PEA1, I personally believe it was the CAPEX number that spooked many traders and investors.
I won't be adding more to my position, but would consider exiting if the project economics (higher capex with lower production assumptions) get a lot worse.
I have NO IDEA how the market will react to the FS.
Just my thoughts.
-DP